Cardiff climbed to 15th on 11 points from 14 games, five behind 11th-placed Wolves who extended their winless league run to six games.
Right back Matt Doherty celebrated his 200th league appearance for Wolves when he fired the visitors into an 18th-minute lead before Iceland midfielder Aron Gunnarsson equalised and Hoilett delighted the home fans with a curling shot 13 minutes from time.
Wolves looked sharper in the opening stages and Doherty buried the ball into the roof of the net from three metres after Cardiff keeper Neil Etheridge parried a Raul Jimenez header into the defender's path.
The lively Harry Arter, who hit the post on the stroke of halftime, engineered the equaliser when he lofted a high ball into the penalty box and Sean Harrison headed it down for Gunnarsson to blast it past keeper Rui Patricio.
With both sides throwing men forward, the Bluebirds forced the final twist after Canadian Hoilett teed himself up to fire an unstoppable shot from the edge of the penalty area into the top corner of the net.
(Reporting by Zoran Milosavljevic; Editing by Ed Osmond)
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