Joleon Lescott's injury-time goal gave Wolves a deserved point at Ninian Park.
Cameron Jerome's goals had put Cardiff in a commanding position
Cameron Jerome put struggling Cardiff ahead after just three minutes when he rose well to head home Alan Lee's header across the face of the goal.
The 18-year-old striker added a second shortly after the break with a slightly deflected right-footed drive.
Leon Clarke's close-range effort gave Wolves hope with 20 minutes to go and Lescott completed the comeback when he stabbed the ball home from six yards.
Cardiff boss Dave Jones:
"I'm proud of my players because they ran themselves into the ground.
"I'm very disappointed that we gave away such a good position against a class side like Wolves and it showed that we still have a long way to go.
"We switched off for their two goals and a lack of concentration has cost us valuable points."
Wolves boss Glenn Hoddle
"If we are going to play like that then we will never go up. I'm disappointed with a draw as we had 31 shots on goal and dominated the game, so a point is definitely not good enough.
"We had enough possession to have won four games and yet we couldn't even win this one.
"Points on the board do mean something but you have to score goals when so many chances are made and I have made my feelings known to the players."
Cardiff: Alexander, Weston, Purse, Loovens, Cooper (Ardley 78), Whitley, Koumas, Boland, Ledley, Lee (Ferretti 87), Jerome.
Subs Not Used: Darlington, Cox, Margetson.
Goals: Jerome 3, 49.
Wolverhampton: Oakes, Lescott, Edwards, McNamara, Kennedy, Olofinjana, Cameron (Ricketts 57), Anderton, Miller (Clarke 57), Ndah (Naylor 68), Cort.
Subs Not Used: Gyepes, Ikeme.
Booked: Miller, Anderton.
Goals: Clarke 73, Lescott 90.
Ref: G Sailsbury (Lancashire).