Richard Garcia and Fraizer Campbell scored to take Hull within three points of the Championship play-off places.
After a dour first half in which Boaz Myhill denied Freddy Eastwood's 25-yarder smartly, the game improved.
Garcia powered home Campbell's cross to break the deadlock and the latter pounced after Ian Ashbee's close-range header was saved by Wayne Hennessey.
Campbell then shot straight at Hennessey, while Andy Keogh blazed wide from 12 yards for a lacklustre Wolves.
Hull manager Phil Brown:
"The work-rate and commitment of the players was terrific and we put Wolves under a lot of pressure.
"The performance warrants being happy. Maybe it was because I gave them Christmas Day off."
Wolves boss Mick McCarthy:
"We did okay in the first half but in the second we produced a very lacklustre display and they were better than us in every department.
"But I do believe I've got the players and I keep looking for that something that's going to spark us off.
"The league is still very tight and that is a silver lining to a very dark cloud at the moment."
Hull: Myhill, Ricketts, Turner, Brown, Dawson, Garcia, Ashbee (Marney 84), Livermore, Hughes, Folan (Windass 90), Campbell (Barmby 79).
Subs Not Used: Duke, Delaney.
Goals: Garcia 47, Campbell 61.
Wolverhampton: Hennessey, Foley, Darren Ward, Edwards, Collins, Jarvis (Elliott 67), Olofinjana (Gibson 81), Henry, Bothroyd, Keogh, Eastwood (Stephen Ward 67).
Subs Not Used: Ikeme, Gray.
Ref: Chris Foy (Merseyside).