Knight's 45th-minute first goal of the season lifted his side out of immediate danger in the Premier League bottom three and above Wolves who were unfortunate to leave the Reebok Stadium pointless after twice striking the framework in a rousing second half to a tense relegation encounter in which the home side scorned a host of opportunities that would have made their victory more comforting.
The pre-match statistics were far from encouraging, however, Bolton had failed to score in five previous League games while Wolves won victory in 11 away games, arrived as the joint lowest scorers in the division and they too had been unsuccessful in seven previous outings. Bolton set the pace and looked more likely to improve those bleak figures and they dominated the opening half in which they created sufficient chances to have added to Knight's strike shortly before half time.
The Bolton captain Kevin Davies led the way after 15 minutes when his closing shot was saved by the Wolves' goalkeeper Marcus Hahnemann. Stuart Holden drove wide from 20 yards and Johan Elmander had a further attempt parried by Hahnemann. On the half hour Gretar Steinson crossed from the right, Davies saw his shot cannon off the Wolves' goalkeeper and when the rebound fell to Elmander his follow-up attempt was again blocked by the hard-pressed visitors.
Holden and Jack Wilshire provided further threats before the deadlock was broken when Knight finished from close in.
Bolton should have doubled their lead within a minute of the resumption but Davies wastefully shot at Hahnemann who also denied Holden.
Earlier, David Jones drove a Wolves' free kick against a post and Kevin Foley also struck the woodwork.