Wolves started brightly and Nouha Dicko gave them the lead, beating Rob Green with a low first-time shot on the run.
Leeds turned up the pressure after the break, but Andy Lonergan saved from Souleymane Doukara and Kortney Hause cleared off the line to keep it 1-0.
Fulham's 3-1 win over Aston Villa and Sheffield Wednesday's 2-1 victory at QPR sees Leeds drop into seventh place.
Despite losing their past two Championship matches, Wolves dominated the opening exchanges, with Green having to come out quickly and make a low save one-on-one from Andreas Weimann.
Dave Edwards forced another Green stop and Dicko went close, cutting inside and firing narrowly wide before the goal their pressure deserved finally came.
The 24-year-old striker latched onto Ben Marshall's clever through-ball behind the defence and found the bottom corner before Green could set himself.
Leeds rallied, but Pontus Jansson could not hit the target with a free header and Lonergan produced a reflex save to keep out Doukara's header from Kemar Roofe's cutback.
Wolves sat back and invited pressure, with Hause clearing Roofe's looping header off the line from a corner and Chris Wood heading over late on, but the away side hung on to claim the points.
The win secures Wolves' Championship status for another season on 54 points, while Leeds' third loss in five games puts them out of the play-offs on goal difference with three matches remaining.
Leeds manager Garry Monk:
"We're disappointed with that result.
"We didn't want that to happen at this stage of the season but we've had the mentality for so long where we've been in the play-offs quite comfortably and have kind of been in that protective mode of trying to stay in there.
"Now we have to change that mentality to be a team that goes on the hunt and lets it all go.
"It's still a really good situation for us. We've got no time to feel sorry for ourselves, that doesn't get you anywhere."
Wolves manager Paul Lambert:
"We were excellent and should have been two or three up in the first half.
"We were strong defensively in the second half and a threat on the break."
Match ends, Leeds United 0, Wolverhampton Wanderers 1.
Second Half ends, Leeds United 0, Wolverhampton Wanderers 1.
Charlie Taylor (Leeds United) wins a free kick in the defensive half.
Foul by Jón Dadi Bödvarsson (Wolverhampton Wanderers).
Attempt missed. Chris Wood (Leeds United) header from the left side of the six yard box is too high. Assisted by Pablo Hernández with a cross.
Foul by Pontus Jansson (Leeds United).
Jón Dadi Bödvarsson (Wolverhampton Wanderers) wins a free kick on the left wing.
Corner,  Leeds United. Conceded by David Edwards.
Attempt missed. Hadi Sacko (Leeds United) right footed shot from outside the box misses to the right following a corner.
Attempt blocked. Kemar Roofe (Leeds United) header from the right side of the six yard box is blocked. Assisted by Pablo Hernández with a cross.
Corner,  Leeds United. Conceded by Lee Evans.
Foul by Kalvin Phillips (Leeds United).
Lee Evans (Wolverhampton Wanderers) wins a free kick in the defensive half.
Substitution, Wolverhampton Wanderers. Kortney Hause replaces Ben Marshall.
Foul by Chris Wood (Leeds United).
Romain Saiss (Wolverhampton Wanderers) wins a free kick in the defensive half.
Foul by Pontus Jansson (Leeds United).
Jón Dadi Bödvarsson (Wolverhampton Wanderers) wins a free kick on the right wing.
Attempt blocked. Kyle Bartley (Leeds United) right footed shot from outside the box is blocked.
Offside, Leeds United. Luke Ayling tries a through ball, but Hadi Sacko is caught offside.
Jón Dadi Bödvarsson (Wolverhampton Wanderers) is shown the yellow card for a bad foul.
Luke Ayling (Leeds United) wins a free kick in the defensive half.
Foul by Jón Dadi Bödvarsson (Wolverhampton Wanderers).
Delay over. They are ready to continue.
Delay in match Richard Stearman (Wolverhampton Wanderers) because of an injury.
Corner,  Leeds United. Conceded by Andy Lonergan.
Attempt saved. Souleymane Doukara (Leeds United) header from very close range is saved in the top centre of the goal.
Corner,  Leeds United. Conceded by David Edwards.
Substitution, Leeds United. Souleymane Doukara replaces Alfonso.
Corner,  Leeds United. Conceded by Richard Stearman.
Attempt saved. Lee Evans (Wolverhampton Wanderers) right footed shot from outside the box is saved in the bottom right corner.
Corner,  Wolverhampton Wanderers. Conceded by Charlie Taylor.
Robert Green (Leeds United) wins a free kick in the defensive half.
Foul by Jón Dadi Bödvarsson (Wolverhampton Wanderers).
Corner,  Wolverhampton Wanderers. Conceded by Kyle Bartley.
Substitution, Wolverhampton Wanderers. Jón Dadi Bödvarsson replaces Nouha Dicko.
Substitution, Wolverhampton Wanderers. Lee Evans replaces George Saville.
Attempt blocked. Ben Marshall (Wolverhampton Wanderers) left footed shot from the centre of the box is blocked.
Attempt blocked. Ben Marshall (Wolverhampton Wanderers) left footed shot from the right side of the box is blocked.
Attempt missed. Kyle Bartley (Leeds United) header from the centre of the box is too high. Assisted by Pablo Hernández with a cross following a corner.
Leeds United dropped out of the Championship play-off places as Wolves clinched a narrow win at Elland Road.