Jeremie Aliadiere put Wolves ahead from Mark Davies's pass before Hull's Stuart Green missed from the penalty spot.
Green set up Leon Cort to make it 1-1 but Wolves were soon back in front when Kenny Miller combined with Aliadiere then fired into the bottom corner.
Rob Edwards hooked Ryan France's cross into his own net to haul Hull level but Carl Cort's volley settled it.
Wolves manager Glenn Hoddle:
"Our fortunes are starting to turn a little bit and it's a lovely time for this to happen.
"It's the first time we have won three matches on the bounce this season and
it has given us some buoyancy.
"We'll keep believing in ourselves and there'll be a few teams looking over their shoulders. Playing three up front was bold but we looked accomplished."
Hull: Myhill, Thelwell (Duff 65), Cort, Delaney, Rogers, France, Andrews, Green, Noble, Elliott (Fagan 78), Parkin. Subs Not Used: Duke, Paynter, Welsh.
Goals: Cort 51, Edwards 82 og.
Wolverhampton: Postma, Ross, Lescott, Edwards, Naylor, Ince, Davies, Anderton (Kennedy 62), Miller (Frankowski 90), Cort, Aliadiere (Ricketts 77).
Subs Not Used: Oakes, Rosa.
Booked: Miller, Naylor, Ross, Kennedy, Ricketts.
Goals: Aliadiere 28, Miller 59, Cort 89.
Ref: I Williamson (Berkshire).