Raul Jimenez and Diogo Jota scored goals in a four-minute span around the hour mark to condemn Chelsea to a second loss in three games, after a recent 3-1 defeat at Tottenham.
Chelsea is 10 points behind unbeaten leader Manchester City, the team it hosts on Saturday, and could now face a fight to finish in the top four to qualify for next season's Champions League.
"After this match we are less confident but maybe it's better because sometimes my players show me they have too much confidence," Chelsea coach Maurizio Sarri said.
"I am really very worried, not for the result but the fact that after the first goal we conceded we did not react very well."
Fourth-place Chelsea had taken the lead in the 18th minute when Ruben Loftus-Cheek's goalbound effort deflected inside the near post off the head of Wolves defender Conor Coady.
It was another good result against a top-flight heavyweight for Wolves, which has also drawn against Manchester United, Manchester City and Arsenal.