Denes Rosa handed the visitors the lead by squeezing in a shot at the near post before Mark Kennedy drilled home.
Robert Earnshaw cut the deficit for Norwich on 72 minutes when he easily rolled the ball in from close range.
And despite playing the closing stages with 10 men after Colin Cameron was dismissed, the visitors held on.
Wolves boss Glenn Hoddle:
"I thought we just about deserved it, even though it got a bit nervous towards the end.
"There was a lot of quality out there, especially in the lead-up to the two goals.
"I am very happy to finish the season on a high note."
Norwich: Gallacher, Colin (Henderson 72), Fleming, Doherty, Drury, Hughes (McKenzie 63), Etuhu, Robinson, Huckerby, Earnshaw, McVeigh.
Subs Not Used: Lewis, Johansson, Charlton.
Booked: Huckerby, McVeigh.
Goals: Earnshaw 73.
Wolverhampton: Murray, McNamara, Lescott, Edwards, Naylor, Miller (Seol 78), Cameron, Rosa, Kennedy, Aliadiere (Ross 88), Frankowski (Cort 63).
Subs Not Used: Craddock, Little.
Sent Off: Cameron (82).
Booked: Cameron, McNamara, Miller.
Goals: Rosa 45, Kennedy 71.
Ref: I Williamson (Berkshire).
Play-off semi-final dates:
Leeds v Preston
(Elland Road, Friday, 5 May, 1945 BST)
Crystal Palace v Watford
(Selhurst Park, Saturday, 6 May, 1215 BST)
Preston v Leeds
(Deepdale, Monday, 8 May, 1945 BST)
Watford v Crystal Palace
(Vicarage Road, Tuesday 9 May, 1945 BST)
Play-off dates for other divisions to be confirmed