Alex Iwobi opened the scoring in the 20th minute after he collected the ball just outside of the penalty area before quickly shifting left and curling an effort from the edge of the box into the left side of the net.
However, Gary O'Neil's team found themselves level just over 10 minutes later thanks to Matheus Cunha, who controlled a pass beyond Fulham's backline in the box from Mario Lemina before delicately chipping goalkeeper Bernd Leno.
Wolves took the lead in the 53rd minute when Joao Gomes struck into the bottom-right corner from the left of the penalty spot after being played through by Matheus Cunha, who disguised his pass near the edge of the penalty area.
Cunha scored his second of the game in the 87th minute after helping to win the ball back in a dangerous central zone near Fulham's box, before he received a pass from Gomes and curled a stunning shot into the top-right corner from the left of the 18-yard box.
Goncalo Guedes added some gloss to the scoreline in added time, and the loss for Fulham means that the Cottagers end the match in ninth place with 18 points, though just four points separates them and third-placed Chelsea.
As for Wolves, the victory means they end the day outside the relegation zone in 17th place with nine points thanks to Crystal Palace dropping points against Aston Villa.
Iwobi found himself with time on the ball in the right half-space after Kenny Tete collected a possession on the right touchline following Wolves' clearance, and the forward stunned supporters with an excellent curled finish into the side netting.
Lemina deserves credit for a sublime pass over the top of Fulham's passive 4-4-2 shape, but Cunha's close control and composure were excellent and the Brazilian managed to finish calmly in front of Leno to get Wolves back into the game.
Cunha was also central to Wolves' second of the match given it was his delicate pass to Gomes that provided the goalscorer with the time and space needed to finish from inside the box, and Gomes would turn provider for Cunha's second goal after teeing the attacker up for a first-time finish into the top-right corner.
FULHAM VS. WOLVERHAMPTON WANDERERS HIGHLIGHTS
20th min: Fulham 1-0 Wolverhampton Wanderers (Alex Iwobi)
Iwobi picks the ball in a pocket of space on the right just outside the penalty area before the winger cuts inside onto his left foot and curls a stunning effort into the side netting on the left.
An unbelievable strike!
31st min: Fulham 1-1 Wolverhampton Wanderers (Matheus Cunha)
Lemina has time on the ball near the halfway line and pings a pass over Fulham's backline to Cunha, who scoops the ball out of the air in the box before he chips goalkeeper Leno from close range.
A goal out of nothing!
53rd min: Fulham 1-2 Wolverhampton Wanderers (Joao Gomes)
Cunha picks up the ball in a central area just outside the penalty area, and he disguises his pass and finds Joao Gomes, who strikes into the bottom-right corner from the left of the box.
What a clever pass and what a finish!
87th min: Fulham 1-3 Wolverhampton Wanderers (Matheus Cunha)
Cunha and Gomes press Fulham in their half and win possession before Gomes plays a pass to Cunha, who curls a first-time strike past Leno from the left of the penalty area.
An unbelievable performance from the pair!
90+5 min: Fulham 1-4 Wolverhampton Wanderers (Goncalo Guedes)
Fulham's misery is compounded, as Wolves surge forward on a late counter and Guedes coolly slots the ball into the bottom corner.
MAN OF THE MATCH - MATHEUS CUNHA
Matheus Cunha stepped up against Fulham and dragged his side to victory, scoring once and registering an assist.
The attacker had no right to pluck Lemina's pass out of the air in the 20th minute for his goal, but the Brazilian's immense technical ability and composure allowed him to score Wolves' equaliser.
Cunha also showcased his talents in small spaces when he produced a delicate pass for Gomes in the 53rd minute, disguising the direction of the ball and providing the goalscorer with the opportunity to strike past Leno, and he still found time to score a second goal.
FULHAM VS. WOLVERHAMPTON WANDERERS MATCH STATS
Possession: Fulham 60%-40% Wolverhampton Wanderers
Shots: Fulham 10-10 Wolverhampton Wanderers
Shots on target: Fulham 3-5 Wolverhampton Wanderers
Corners: Fulham 7-2 Wolverhampton Wanderers
Fouls: Fulham 14-14 Wolverhampton Wanderers
BEST STATS
WHAT NEXT?
Fulham will face Tottenham Hotspur on December 1 away from home in their next top flight match, before taking on Brighton & Hove Albion at Craven Cottage on December 5.
Meanwhile, Wolves' next set of fixtures are somewhat favourable given they play Bournemouth on November 30 in the Premier League, before coming up against Everton and West Ham United in their subsequent two.