The visitors took advantage of a tired-looking, poor display by the Pilgrims to force 14 first-half corners, but managed to score only once through Stephen Elliott.
Argyle barely improved in the second period, but an inspired substitution from manager Ian Holloway saw replacement Rory Fallon set up fellow substitute Nick Chadwick for an equaliser on the hour mark.
Even then it was Wolves who looked more likely to win the match, with man of the match Michael Kightly forcing Argyle's best player, the overworked Luke McCormick, into one of several fine saves.
In fairness, Argyle had arrived back in the small hours of Thursday morning after a heroic display in a 1-0 Carling Cup defeat by West Ham and they looked exhausted.
Wolves, who fielded the same team that had beaten Norwich 2-0 a week earlier, were sharp and well on top of the mis-firing Pilgrims from the off.
Kightly's gave Argyle left-back Gary Sawyer the slip to reach the byline on the right, but McCormick turned the powerful cross away for a corner, before Kightly again went close after curling a low left-footed shot that drifted just wide of the post.
When Stephen Ward's lofted far-post cross from the left found Kightly at the far post his volley again brought out the best in McCormick.
Wolves made the breakthrough when an Akos Buzsaky mistake allowed Andy Keogh to pick out Elliott to fire home the second goal of his Wolves' career.
On the hour though Argyle levelled when Fallon beat Gary Breen to nod Peter Halmosi's pass into the path of Chadwick, who out-muscled Jody Craddock before clipping the ball past Wayne Hennessy.
David Norris nearly pinched all three points for the home side when his volley was well saved by McCormick, but it was Wolves who finished on top with substitute Jay Bothroyd firing into the side-netting.