The solitary goal came from midfielder David Jones, who began and expertly finished the 27th-minute move by converting Matt Jarvis' cross.
Spurs midfielder Niko Kranjcar had a golden opportunity to put his side ahead minutes before that but with only Marcus Hahnemann to beat he placed his shot too near the goalkeeper who deflected it wide with his legs.
Manager Harry Redknapp felt things would have turned out differently had that gone in, especially as his side are currently struggling for goals having scored just three in the league since the turn of the year.
"We've dropped six points against Wolves, which looks like being very costly, but what can you do?" he said.
"It was a game we obviously thought we could win but we didn't play very well.
"We had an awful lot of the ball but didn't create a lot - even in the first half when we got in some good positions.
"When Niko went through if he had scored it would have been a different game.
"In the second half they got bodies behind the ball and defended their lead well."
Wolves manager Mick McCarthy paid tribute to his team's character, having conceded two in the last 10 minutes to lose 2-1 to Birmingham at the weekend.
"It is a good win over Spurs but that still rankles," he said of the Birmingham defeat.
"We were terrific. It wasn't easy, we've had to play well and it was damned hard work and we deserved it.
"It was good that we were 1-0 ahead and didn't allow Sunday to affect that.
"I have never once doubted the attitude of my players - I never have.
"I keep getting asked about their character, about bouncing back and being able to get off the canvas and all those other cliches and it has never been in doubt about them."
Jones' goal came after a sustained spell of possession and McCarthy admitted, for all Wolves' reputation as a hard-working, gritty side, he enjoyed it.
"I've heard 17 passes and 19 passes but I've not actually counted them myself," he added.
"It was a fabulous goal, it really was. Jonesy has been terrific and gives us real quality.
"His technical ability is Premier League class and it has been a good role for him playing just behind Kevin Doyle, it suits him."