Ruben Neves’ superb second-half strike sent Wolves through to the FA Cup fourth round at the expense of a Liverpool side that featured three teenagers making their full debuts.
Reds boss Jurgen Klopp made nine changes to his starting XI, which included 17-year-old midfielder Curtis Jones and 18-year-old Rafael Camacho.
They were joined by Dutch defender Ki-Jana Hoever – at 16, the club’s third youngest debutant – in the sixth minute following an injury to Dejan Lovren.
Wolves found it difficult to trouble the inexperienced backline until the 38th minute when Raul Jimenez fired them ahead following an error by midfielder James Milner.
Divock Origi levelled for the visitors six minutes after the break with the side’s first effort on target, when he fired a brilliant strike through the legs of Leander Dendoncker and past goalkeeper John Ruddy.
But that parity lasted four minutes as Neves launched a venomous dipping shot from 31 yards that beat Simon Mignolet at his near post.
Xherdan Shaqiri’s free-kick, magnificently pushed on to the post by John Ruddy, was the Reds’ only other effort of note.
Wolves, who knocked Liverpool out of the FA Cup for the second time in three seasons, will be away to the winners of the tie between Stoke and Shrewsbury in the fourth round.