The home side took the lead in the first-half from the spot, Kevin Cooper converting the penalty after Michael Dawson hauled down Carl Cort.
Forest hit back minutes later through David Johnson's close range strike from Andy Reid's corner.
But Danish defender Mikkel Bischoff headed his first goal for Wolves to seal the win just before half-time.
Nottingham Forest manager Joe Kinnear yet again failed to attend the post-match news conference.
Kinnear has failed to appear after each of Forest's last five league games with the Reds currently second-from-bottom.
Wolverhampton: Oakes, Lowe, Lescott, Bischoff, Naylor, Cooper, Olofinjana, Cameron, Newton, Miller (Sturridge 83), Cort. Subs Not Used: Murray, Craddock, Andrews, Ince.
Goals: Cooper 19 pen, Bischoff 43.
Nottm Forest: Gerrard, Louis-Jean (Perch 45), Dawson, Morgan, Rogers, Thompson (Jess 84), Nowland (Commons 72), Evans, Reid, Johnson, King. Subs Not Used: Roche, Robertson.
Booked: Louis-Jean, Evans, Thompson.
Goals: Johnson 25.
Ref: M Ryan (Lancashire).