Stephen Ward's second goal in as many games maintained Wolves' push towards the Championship play-off positions.
He linked well with strike partner Andy Keogh to slot the winner past Lewis Price from six yards after 33 minutes.
But Wolves keeper Matt Murray was the hero, keeping unlucky Ipswich at bay with a string of fine saves.
He kept out Jaime Peters' dipping volley, and then denied Jonathan Walters, who fired in another powerful drive as Wolves held on to win.
Ipswich manager Jim Magilton:
"We just lacked a cutting edge. We need the ball to bobble off someone and go over the line. Once that happens it'll give us confidence."
"Once we get a result it will turn things around. We want something to happen and have been looking for a front pairing all season.
we've got to keep believing in what we are doing."
Wolves manager Mick McCarthy:
"Just recently my team has been picking itself.
"The fundamental thing is that we must continue to win our games to keep us in with a chance of making the play-offs.
"I think we deserved to win and our goal was well taken. We had some good spells but we also had some pretty poor spells when we gave the ball away."
Ipswich: Price, Wright, De Vos, Bruce, Harding, Peters, Richards, Legwinski (Clarke 83), Roberts (Garvan 68), Lee (Haynes 68), Walters.
Subs Not Used: Supple, Casement.
Wolverhampton: Murray, Henry, Neill Collins, Edwards, McNamara, Kightly (Bothroyd 84), Olofinjana, Potter, McIndoe, Ward (Mark Davies 90), Keogh (Craddock 82).
Subs Not Used: Budtz, Clapham.
Booked: McIndoe.
Goals: Ward 33.
Att: 20,602
Ref: S Mathieson (Cheshire).