Hoilett put Rovers in front just before half-time and the Canadian forward bagged the decisive second goal mid-way through the second half to leave Steve Kean's side three points above the relegation zone.
Blackburn's second away league win of the campaign piled on the misery for Wolves' interim boss Terry Connor, who saw his team deliver another woeful display after last week's 5-0 thrashing at Fulham.
Wolves, playing at home for the first time since the humiliating 5-1 derby loss to West Bromwich Albion a month ago that proved to be Mick McCarthy's last game in charge, are now second-bottom and have won only once in their last 14 league games.
The final whistle brought jeers from the home supporters, who called for the club's board to resign, while there had been a similar protest outside the stadium ahead of kick-off.
Wolves defender Roger Johnson, punished earlier in the week after reporting for work unfit to train properly, was once again among the substitutes and his side were under pressure from the start.
Rovers striker Ayegbeni Yakubu volleyed over and then fired straight at goalkeeper Wayne Hennessey from Mauro Formica's cross.
Yakubu headed just wide from another Formica delivery and moments later the Nigerian was ruled offside when he converted from close-range.
Rovers were finishing the half strongly and made the breakthrough two minutes before the break as Morten Gamst Pedersen's throw was diverted by David Davis into the path of Hoilett, who sent the ball bouncing past Hennessey.
Blackburn were soon back on the attack after half-time and Formica tested Hennessey with a powerful effort.
The pressure was mounting on Wanderers and Hoilett, finding the space to lash in from outside the area, doubled their lead in the 69th minute.
Rovers goalkeeper Paul Robinson kept out a shot from Jamie O'Hara, while Steven Fletcher and Nenad Milijas missed the target with headers as Wolves finally showed signs of life in attack.
Ultimately it was too little, too late, and after Robinson saved a further Fletcher effort, there were boos at the final whistle from the home fans, with banners being unfurled in the stands expressing their anger at the board.
Source: AFP
Source: AFP