Rory Delap headed City ahead on four minutes following a fine cross from Mamady Sidibe but Rob Edwards volleyed Wolves level seconds before the break.
Kevin Kyle teed up strike partner Andy Keogh to put the home side ahead moments after the restart but Liam Lawrence's rasping shot made it 2-2.
Leon Cort put Stoke ahead from Sidibe's flick header and Ricardo Fuller sealed the win with an injury-time shot.
Stoke boss Tony Pulis:
"We've got 15 games to play for - a lot of things can happen. There is not a great deal of difference between sides in this division.
"I'm just going for the next game. We lost eight players from last year and we had to build a new side.
"We made a lot of money in the summer. I took some stick from supporters for not spending the money but there are goals throughout this team."
Wolverhampton: Hennessey, Foley, Darren Ward, Rob Edwards, Gray, Keogh (Eastwood 81), Henry, David Edwards (Elliott 90), Jarvis, Ebanks-Blake, Kyle.
Subs Not Used: Stack, Potter, Elokobi.
Booked: Rob Edwards, Henry, Ebanks-Blake.
Goals: Rob Edwards 45, Keogh 47.
Stoke: Simonsen, Zakuani, Cort, Shawcross, Pugh, Delap, Whelan, Diao, Lawrence (Dickinson 90), Gallagher (Fuller 64), Sidibe.Subs Not Used: Hoult, Pericard, Buxton.
Goals: Delap 4, Lawrence 49, Cort 74, Fuller 90.
Ref: Andre Marriner (W Midlands).