Former Wolves midfielder Andrew Surman broke the deadlock only for Sylvan Ebanks-Blake, who replaced the axed Kevin Doyle, to level before half-time.
Substitute Simeon Jackson restored Norwich’s lead with his first touch but Ronald Zubar’s first goal of the campaign rescued Mick McCarthy’s men from a second home defeat in four days.
Wolves made an encouraging start and nearly went ahead in the fourth minute after Stephen Hunt was brought down by Marc Tierney.
Hunt floated in a quick free-kick which Ebanks-Blake was first to react to inside the box but Zak Whitbread blocked his shot.
But the Canaries went ahead after 12 minutes through Surman’s first Premier League goal for Norwich.
Wes Hoolahan was played onside by Christophe Berra and burst down the left flank before crossing for theunmarked Surman to head past Hennessey.
Hunt missed a great chance to equalise after 26 minutes. Canaries goalkeeper John Ruddy parried a shot from Ebanks-Blake to Hunt eight yards out – but the Republic of Ireland international fired over.
After 37 minutes Ebanks-Blakejustified his recall by levelling.
The overlapping Stephen Ward’s cross found Hunt, whose shot was blocked – but the ball fell to Ebanks-Blake, whose shot trickled over the line.
Wolves started the second half in purposeful mood and Steven Fletcher curled a 20-yard shot just past the post after good play by Hunt.
McCarthy brought on Adam Hammill for Hunt after 76 minutes and at the same juncture Norwich replaced Holt with Jackson. Lambert’s switch was inspired as Jackson restored Norwich’s lead with his first touch. Morison made good ground down the left and outpaced Johnson before crossing for Jackson to net from close range.
But Zubar made it 2-2 in the 82nd minute when he powered home a header from a Jarvis corner.
Johnson was just off target with another header and then in injury-time Fletcher thought he had scored the winner, only to have strayed marginally offside.
In a grandstand finish by the home side Jarvis powered a fierce drive inches wide.
WOLVERHAMPTON: Hennessey, Zubar, Johnson, Berra, Ward, Jarvis, Milijas, Henry, Hunt (Hammill 75), Fletcher, Ebanks-Blake (Doyle 80).
NORWICH: Ruddy, Naughton, Martin, Whitbread, Tierney, Fox (Johnson 75), Crofts, Surman, Hoolahan (Bennett 87), Morison, Holt (Jackson 75).
Referee: Chris Foy (Merseyside).