Kevin Doyle, the summer acquisition from Reading, opened his account for the club and David Edwards doubled the lead before Danny Murphy pulled one back from the spot.
The Cottagers were disappointing and deservedly fell behind when £6.5 million Doyle pounced to beat Mark Schwarzer with a close-range header after Christophe Berra helped on Greg Halford's trademark long throw-in.
As the expected rally from the West Londoners failed to materialise, only an offside flag denied Andy Keogh a second for Wolves and last season's Championship winners did extend their lead five minutes into the second half.
Keogh collected a pass from Edwards and returned the favour to the Welshman, who buried a simple opportunity past an unprotected Schwarzer.
Only the Australian keeper's intervention, and the bar, prevented Aaron Hughes from putting through his own net before Fulham finally mustered something of a response - Andy Johnson straying offside after Wayne Hennessey kept out a Dickson Etuhu effort.
A lifeline was provided by Premier League debutant referee Kevin Friend pointed to the sport when Michael Mancienne grappled with Bobby Zamora and the ever-reliable Murphy calmly reduced the deficit to 2-1.
However, the hosts held out relatively comfortably and could even afford to welcome Michael Kightly back into the fray as a late substitute.
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