Nuno Espirito Santo made it a second successful return to old stomping ground Molineux in a matter of weeks on Wednesday night.
His Spurs side successfully booked their place in the last 16 of the Carabao Cup, where they will face a trip to Burnley in October.
However, it was far from plain sailing for Tottenham, who led 2-0 inside 25 minutes in the West Midlands thanks to goals from Tanguy Ndombele and Harry Kane, who ended his domestic duck in 2021/22.
Wolves came roaring back through Leander Dendoncker and Daniel Podence, forcing a penalty shootout.
Ruben Neves, Dendoncker and Conor Coady all missed from the spot for the hosts, with Bryan Gil importantly burying his own effort as Tottenham bounced back from successive 3-0 defeats against Crystal Palace and Chelsea.
Wolves’ terrible home form during the early stages of Bruno Lage’s reign continues.