Glen Little broke clear to cross for Dave Kitson to head into the roof of the net to give Reading the lead.
USA international Bobby Convey sealed the points at Molineux with a low drive from the edge of the box for his fourth goal of the season.
Kenny Miller went close for Wolves with a curling shot, while Rohan Ricketts fired over when well-placed.
Reading boss Steve Coppell:
"We can be as vulnerable as any team if we get some injuries.
"Earlier in the season, we had six games in 20 days and we picked up three fairly serious injuries.
"We're without Steve Sidwell but it's not about one player and we've a tight squad. We've more of a cutting edge this season than just Dave Kitson."
Wolverhampton: Postma, Edwards, Lescott, Gyepes (Craddock 73), Naylor, Seol, Anderton (Ndah 69), Ricketts (Cameron 61), Kennedy, Ganea, Miller. Subs Not Used: Oakes, Huddlestone.
Reading: Hahnemann, Murty, Ingimarsson, Sonko, Shorey, Little (Oster 47), Gunnarsson, Harper, Convey (Hunt 82), Doyle, Kitson. Subs Not Used: Stack, Makin, Brown.
Goals: Kitson 29, Convey 64.
Ref: S Tanner (Somerset).