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Charlton scored a late winner to keep their faint play-off hopes alive and send Wolves back into the Championship relegation zone.
The Addicks, unbeaten in their last six outings, are five points off the top five with two games remaining.
Wolves went close to the opening goal when Karl Henry hit the bar, but it was Charlton who took the lead through Dorian Dervite, pictured, on 63 minutes.
Three minutes later, though, Jack Robinson crossed for Kevin Doyle to head the visitors level.
Wolves looked to have held on for a valuable point but Danny Green’s deflected shot fell to Jonathan Obika in the last minute and he netted the winner.
Chris Powell’s side visit Middlesbrough in their penultimate game on Saturday.