Wolves had Wayne Hennessey to thank in the first half for keeping City out, as the keeper stopped efforts from Samir Nasri, Sergio Aguero and Edin Dzeko with three quality saves.
However on the 49th minute he made a massive error when caught out by Aguero, the Argentinean pouncing on the keeper's delay. The ball ricocheted to Dzeko who gratefully placed the ball into the empty net to make it 1-0 to City.
Alexander Kolarov made it 2-0 after 67 minutes, following up when Hennessey could only parry David Silva's shot in weak fashion, and at that point it looked like City would romp to the win.
Things turned around eight minutes later as Joe Hart parried a shot and Vincent Kompany brought down Kevin Doyle as he went in for the rebound. The defender saw a straight red and Stephen Hunt stepped up to score the penalty and give Wolves a way back into the game.
The visitors struggled to really make their advantage count and on 90 minutes Adam Johnson curled a beautiful 25-yard strike into the net to wrap up the game, keep City top of the Premier League and send them into the Champions League on a winning run.