Raul Jimenez put the home side ahead at the conclusion of a clinical counter-attack in a first half otherwise notable only for the Reds debut off the bench of Academy defender Ki-Jana Hoever.
Divock Origi levelled the score six minutes after the break for Jürgen Klopp’s men but Ruben Neves’ wallop quickly restored Wolves’ lead and ultimately decided the match.
Team news
Rafael Camacho and Curtis Jones made their senior Liverpool debuts at Molineux as part of nine changes made by Klopp from last Thursday’s Premier League clash with Manchester City.
Fabinho was deployed at centre-back, while Hoever was named on the bench.