Charlton had the best possible start with a goal after just three minutes.
Jonathan Fortune's free-kick was headed out by Richard Stearman straight to Nicky Bailey and the recently signed midfielder crashed a 25-yard shot into the roof of the net for his first goal for his new club.
Had Charlton got a second from Luke Varney's volley the result may have been different, but Wolves slowly got a foothold into the game and home keeper Nicky Weaver saved well from Michael Kightly.
Wolves did get the ball into the net through Andy Keogh but it was disallowed for offside.
Wolves showed their class and strength in the second half as they stopped Charlton's attacking options and they got level on the hour when Keogh was brought down by Bailey in the area and Sylvan Ebanks-Blake netted from the penalty spot.
Andy Gray had appeals for a penalty turned down and then saw a shot blocked and, when Varney headed over, Charlton probably knew it wasn't going to be their day.
An inspired substitution by Wolves manager Mick McCarthy turned the game in his side's favour when Sam Vokes - who replaced Matt Jarvis on 64 minutes - flicked home Kightly's cross.
Vokes was on hand again four minutes from time to head in when Kightly's shot after a strong run had been half saved by Weaver with the Wales forward the first to react when the ball bounced out.
Wolves got over a blow just before kick-off when former Charlton striker Chris Iwelumo dropped out of the match after being injured in the warm-up.