Wanderers had just one shot on target in the first half, but it was to prove key as striker Sylvan Ebanks-Blake netted the only goal of the game from this one chance.
Former Plymouth ace Ebanks-Blake benefited from a slip by defender Adam Virgo, charging through on goal to beat the advancing keeper Dean Gerken.
Colchester have the worst home record in the division and that looks like costing them their Championship status this season.
The Essex club have not kept a clean sheet since last August and they have been blowing chances at the other end as well.
That was again the case against Wolves. Kevin Lisbie spurned the best of these when racing through clear on goal, only to see his shot clawed away by keeper Wayne Hennessey, who had a good afternoon.
U's left-winger Kevin McLeod had also earlier been denied by Hennessey, watching as his goal-bound shot was caught at full stretch by the Wolves custodian.
A little later McLeod was also just a whisker away from converting Lisbie's cross at the far post.
Wolves tightened up at the back in the second period and they restricted their opponents to the minimum of chances, most of them coming at the death.
In fact, Johnnie Jackson had a free-kick deflected wide off the defensive wall in the last minute of stoppage time and there was just time for the corner to be taken.
The ball flashed across the face of goal with neither substitute Dean Hammond nor Izale McLeod able to apply the finishing touch.
Colchester old-boy George Elokobi enjoyed a 'man-of-the-match'' display against his old club and he nearly capped his display with a goal in the second half, only for his goalbound shot to be cleared off the goal-line by Phil Ifil.
While Wolves continue to go from strength to strength and look a good outside bet for the play-offs, Colchester are looking more and more doomed to League One football next season.