The 25-year-old has had an injury-plagued spell since Wolves were promoted to the Premier League in 2009, making just 14 appearances.
"It is good to know I've got another year, although I have felt so good during pre-season that I don't feel like I need the extra security," Kightly told Wolves' official website.
"Things have been going really well and I've been feeling fit and sharp.
"I'm really looking forward to all the games and getting the chance to show what I can do."
Kightly joined Wolves on a permanent basis from non-league Grays Athletic in 2007.