Raul Jimenez gave the hosts the lead before Adama Traore scored a fantastic volley to double their lead.
Dai Cornell saved a Hwang Hee Chan penalty on debut before Ben Woodburn pulled a goal back for North End early in the second half.
North End have a good account of themselves at Molineux and this is how we rated the players on the night...
1. Dai Cornell - 8
It can be tough as a backup goalkeeper waiting for your chance, and he didn't get it in the first round of the cup, but he was excellent at Wolves. Made some fine saves, was assured both with his hands and his feet and saved a penalty. Photo: CameraSport - Paul Greenwood
2. Jordan Storey - 7
A tough test for a man playing in League One last season but aside from giving the forwards a bit too much room early on, the PNE defence limited Wolves to some set piece chances. Photo: CameraSport -
3. Patrick Bauer - 7
Only his second start of the season and was up against Raul Jimenez who has given plenty of Premier League defenders nightmares. Stood up to the test well and looks ready to be called upon if needed. Photo: CameraSport - Paul Greenwood
4. Greg Cunnignham - 7
Had the unenviable task of facing up against the rapid Adama Traore but did well for the most part, helped out Daniel Johnson who was his opposite number on the night and marshalled the centre of the pitch well too. Photo: CameraSport - Dave Howarth