Max Kilman's first Wolves goal and Raul Jimenez's 50th were enough to send Bruno Lage's men into seventh place in the Premier League and condemn Everton to a third successive defeat.
Wolves dominated the opening period of an entertaining contest and were worthy of a comfortable half-time cushion provided by Kilman's far-post header and a lovely clipped finish by Jimenez.
However, after being booed off at the break, Rafael Benitez's visitors were much improved when they returned.
Alex Iwobi halved the deficit and it took a fabulous save by Jose Sa to deny substitute Anthony Gordon four minutes from time.
Wolves managed to avoid conceding an injury-time equaliser as they did at Leeds nine days ago to take their points tally to 13 from five games.
For Everton, their second-half improvement was scant consolation as early-season optimism continues to fade for a team yet again mired in mid-table, having now lost the same number of games as they have won.
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