Following on from his hat-trick against Blackburn Rovers last week, Magpies striker Demba Ba opened the scoring when he headed Yohan Cabaye's corner past Wolves goalkeeper Wayne Hennessey in the 16th minute.
That lead was extended eight minutes before half-time by Jonas Gutierrez, who signed a new contract with the club last week. The Argentinian winger picked up possession on the edge of the area and shot low into the bottom right-hand corner of the net.
Hosts Wolves pushed hard for a route back into the match in the second half and it eventually came four minutes from time courtesy of striker Steven Fletcher.
There was drama in stoppage time when Kevin Doyle thought he had claimed an equaliser, but the referee's assistant deemed that the ball had not crossed the line.