Despite dominating the first half, a 49th minute Michael Kightly goal was enough to condemn John Gregory's side to yet another defeat.
Fans at Loftus Road had to wait 23 minutes for the first chance of the match, and a goal should have been the result when it came.
A Rangers free-kick was only half-cleared by the Wolves defence and, when Marc Bircham headed back into the danger-zone, Jimmy Smith found himself in acres of space having beaten the offside trap only to head straight at Matt Murray.
It was set-pieces which seemed to be causing Wolves the most problems and, on the half-hour mark, another free-kick was pumped into their box by Zesh Rehman. Murray came to punch but collided with his own defender Gary Breen.
The ball fell to Martin Rowlands on the volley, but he could only spoon his effort over the bar with the goal gaping.
Seven minutes later, and Mick McCarthy's side once again found themselves unable to defend a free-kick.
This time, Murray was forced into a spectacular save to keep out a Ray Jones header from Smith's delivery.
Wolves waited until two minutes before half-time for their first chance of the match. Jackie McNamara swung in a teasing ball from the left and, although Rangers keeper Simon Royce spilled his catch, Craig Davies was adjudged to have fouled him.
But it was a sign of things to come as the visitors took control of the second half, opening the scoring just four minutes in.
Michael McIndoe played a low ball in from the left which found its way to young Kightly, who turned his man to hit the ball perfectly into Royce's right-hand corner.
It was his first goal for the club he joined on-loan last month from Conference side Grays - and he was intent on wasting no time for his second.
On 58 minutes he broke clear of the midfield and hit a stinging shot which took a wicked deflection and forced Royce into a flying save.
Three minutes later, the 20-year-old found himself one-on-one with the keeper, but hesitated and attempted a pass to the on-rushing McIndoe which was intercepted by Rehman.
Royce was kept busy until the very end by an inspired Wolves side as Rangers struggled to get out of their own half.
He was forced into saves from a Darren Potter shot and a tame Jody Craddock header as the visitors looked to seal the game.
Kightly also missed a sitter in the closing stages, but a single goal was enough to keep McCarthy's side in the play-off hunt.