Daniel Sturridge marked his Bolton debut with the game's solitary injury-time winner as Wolves handed the Trotters a first victory in six Barclays Premier League games.
It looked like visiting goalkeeper Wayne Hennessey would leave Bolton frustrated again with a series of a fine saves but a disastrous back pass from Ronald Zubar presented on-loan Chelsea striker Sturridge with a chance he could not miss.
Moments earlier, Kevin Doyle had seen his shot deflected onto a post while Matt Jarvis also missed a glorious chance for Wolves, who dropped below West Ham to the foot of the table after their win at Blackpool.
The hosts had posed the greater threat but a decent spell of Wolves possession ended with Adam Hammill having a shot blocked - the former Barnsley man then appealing strongly for a penalty as he was prevented from reaching the rebound.
Wolves' problems were highlighted with three minutes left as Doyle picked up the ball on the right and looked up to find not a single team-mate even in the Bolton half.
The striker did not let that stop him, though, and he exploited hesitant defending from Zat Knight to drive into the area from where he hit a shot that crashed off the post via a deflection with Jaaskelainen beaten.
But, with only seconds remaining, the visitors shot themselves in the foot, leaving Zubar hanging his head and the Bolton fans saluting a new hero.