In an incredible finish to the game there were two goals deep into injury time with Charlton equalising and Wolves snatching victory.
Charlton had a disastrous slump after being in the play-off places for most of the season and have now won only one of their last ten Championship matches.
Meanwhile, Wolves have hit form at exactly the right time with just one defeat in nine and five victories in their last seven matches away from Molineux.
Wolves were the better side in the first half and Charlton could not handle the power of striker Sylvan Ebanks-Blake, who has proved a tremendous signing by manager Mick McCarthy.
He put the visitors in front on 15 minutes after being given time and space to turn in the penalty area and fire home from Andy Keogh's cross.
Charlton levelled on 31 minutes when Greg Halford fired home from a Jerome Thomas cross, but the home side were lucky to escape when Ebanks-Blake hit the post and Karl Henry fired wide.
In the second half, Charlton had the better of the early exchanges and Wolves goalkeeper Wayne Hennessey twice had to make fine saves to deny first Halford and then Leroy Lita.
With ten minutes to go Ebanks-Blake got hit second goal in brilliant style, leaving a Charlton defender for dead before scoring from an acute angle.
It looked as though Charlton had salvaged a point in the third minute of injury time when Lita headed the equaliser, but Wolves shattered the home team's hopes when they broke away for skipper Henry to fire home the winner in dramatic style.