Peter Crouch completed a fine Stoke turnaround as Wolves's relegation fears increased after blowing the lead.
Stephen Hunt's penalty put the home side ahead after Jonathan Woodgate fouled Matt Jarvis.
But Stoke stunned Molineux with two goals in 12 second half minutes to secure a fourth successive top-flight win for the first time since 1981.
Robert Huth's free-kick deflected off Kevin Doyle to make it 1-1 before Crouch sealed the points with a header.
