Sylvan Ebanks-Blake spared Wolves' blushes against rock-bottom Charlton with a dramatic 79th-minute winner to secure three crucial Coca-Cola Championship points in their bid for promotion.
The striker, who missed a penalty just nine minutes earlier, pounced to head home his 24th league goal of the season, one more than his tally from last term that won him the division's golden boot award.
Chris Iwelumo was close to the action at the time amid a sea of bodies in the area, but boss Mick McCarthy will not pay too much attention to who got the final touch as his charges secured their first win at Molineux in five attempts.
Iwelumo himself had opened the scoring against his former employers in the 36th minute with his first goal since November, poking home Michael Kightly's cross to bring the only bit of quality to what was a scrappy first half.
Addicks midfielder Zheng Zhi levelled matters shortly after the restart with a superb strike from distance but the visitors were left empty handed after Ebanks-Blake made amends for his penalty miss.
The victory, coupled with Reading's home defeat to Ipswich, extends their advantage at the top of the table with Birmingham playing in the late kick-off, but it leaves Charlton with a lot to do at the opposite end if they are to be playing Championship football next season.
The visitors adopted a 4-5-1 formation from the off and their resolute approach to the encounter was proving effective as they stifled everything McCarthy's outfit had to offer in a stop-start opening.
Both sides barely managed to register half-chances inside the first 30 minutes and the home crowd started to become restless at their side's inability to enjoy a serious spell of possession.
Neither goalkeeper had been called upon, with Charlton midfielder Zheng firing over from 25 yards and the visiting defence easily clearing a couple of testing crosses that came their way.
Matt Holland was using all his experience to win most things that came his way in the middle of the park before Iwelumo pounced with nine first-half minutes remaining.
The first goal was always going to prove crucial in such a tense affair and McCarthy would have been relieved his side struck the first blow as the half-time whistle sounded.
But the crucial advantage they had managed to wrestle from their opponents was soon cancelled out six minutes after the restart.
Zheng found himself with a clear shooting opportunity from around 25 yards out and, with no-one closing him down, the Addicks man had time to pick his spot and drill an effort past the despairing Wayne Hennessey.
The leveller stunned everyone wearing gold and black inside Molineux and the tense atmosphere experienced so often of late returned.
But Wolves enjoyed a period of sustained pressure as the second half wore on and they were handed the perfect chance to regain the lead in the 70th minute as referee Graham Laws awarded a penalty for an apparent handball by Mark Hudson.
The decision infuriated the Addicks bench but goalkeeper Robert Elliot guessed the right way to palm Ebanks-Blake's effort to safety.
But the division's leading goalscorer hit back nine minutes later to head home from close range and secure three huge points for the Black Country outfit.
Teams:
Wolverhampton Hennessey, Foley, Craddock, Berra, Hill, Kightly, Edwards (Keogh 63), Jones, Stephen Ward (Henry 46), Ebanks-Blake (Vokes 87), Iwelumo.
Subs Not Used: Higgs, Reid.
Booked: Kightly.
Goals: Iwelumo 36, Ebanks-Blake 79.
Charlton Elliot, Youga, Hudson, Holland, Butterfield, Soares (Ambrose 73), Racon, Spring (Dickson 80), Bailey, Zhi (Shelvey 88), Kandol.
Subs Not Used: Randolph, Basey.
Goals: Zhi 51.
Att: 24,319
Ref: Graham Laws (Tyne & Wear).