In 2013 they became the first club in history to endure back to back relegations from football's top flight - twice.
Now though, Wolves could achieve something really quite remarkable - successive promotions back to the top.
It is early days, but the team is currently one of the Championship's form sides and it seems everyone is crediting the turn around to one man.
Steve Clamp reports.
Jamie O'Hara has left Wolves.
The club said the midfielder's contract has been cancelled by mutual consent and immediate effect.
He made 55 league appearances after joining Wolves in 2011.
Bakary Sako's early goal gave Wolverhampton Wanderers a 1-0 win away at Fulham.
The victory at Craven Cottage lifts Wolves into the top half of the table.
At half time in the Championship match between Fulham and Wolverhampton Wanderers at Craven Cottage, Bakary Sako's strike has given the away side a 1-0 lead.
I am delighted that the club have accepted my offer to host a reception in honour of a wonderful season which has seen records broken and promotion as champions of League One.
We are all extremely proud of the team and everyone associated with the club, which is such a huge part of Wolverhampton life.
While we are all realistic about the challenges that lie ahead in the Championship, we all believe Wolves belong in the Premier League and I very much hope it won't be long before my successor in this role is toasting a return to the top flight.
The Mayor of Wolverhampton, Cllr Milkinder Jaspal, is to host a reception in honour of Wolverhampton Wanderers' League One title win.
He is due to present the team and Head Coach, Kenny Jackett, with a congratulatory scroll at an event at Molineux, prior to a testimonial match of former club captain, Jody Craddock.
The match will see a Wolves team managed by former boss, Mick McCarthy, take on a Sunderland side.
At about 1.30pm, the Mayor will present the League One trophy to Kenny Jackett and current captain, Sam Ricketts.
The owner of Wolverhampton Wanderers, Sir Jack Hayward, has praised manager, Kenny Jackett, for overseeing the club's turnaround, following back-to-back relegations.
He also blamed himself for the clubs drop out of the Premier League and the Championship, when he spoke to ITV News Central.
A plea for fans to stay off the pitch at all the games. Vast majority have done the club proud all season. Let's finish on the right note.
Wolves fans are being urged to stay off the pitch ahead of their match at Leyton Orient today.
It follows a pitch invasion at Molineux on Good Friday, which the club said nearly led to the match against Rotherham United being abandoned.
Wolves can secure the League One title with a win today.
Kick-off at the match between Wolverhampton Wanderers and Rotherham United at Molineux has been delayed by 10 minutes, according to West Midlands Police.
Kick off will be delayer by 10 mins, it's now a 15.10 kick off