Brighton effortlessly established a two-goal lead, courtesy of spectacular long-range goals from Carlos Baleba (14) and Simon Adingra (31), while Wolves struggled to make an impact in the first half.
However, Gary O'Neil's side grabbed a lifeline just before the break as Goncalo Guedes (44) converted Matt Doherty's cut back to halve the deficit.
After the break, Wolves were much the better side for long periods. The visitors, with renewed energy, went close to an equaliser when Nelson Semedo's cross was touched onto Adam Webster by Jason Steele, and the ball rolled agonisingly towards goal. However, Josh Hinshelwood appeared out of nowhere to clear the ball off the line.
Another big chance fell to Guedes but with just Steele to beat, the forward fired wide as Wolves failed to capitalise on their opportunities.
TrendingThey were made to pay when Brighton restored their two-goal advantage late on. Ferdi Kadioglu pounced after Danny Welbeck's shot was saved to convert the rebound for his first goal for the club.
However, there was still time for another goal as Tommy Doyle capitalised on some poor defending from the hosts to fire in a shot off the underside of the crossbar.
It proved only to be a consolation as Brighton held on to book their place in the draw for the last-16, which takes place next Wednesday (September 25).
The Carabao Cup fourth round draw will take place live on following the conclusion of Liverpool vs West Ham on Wednesday September 25.
Ball numbers for the draw will be finalised on the morning of Wednesday 25 September.
The fourth round ties will take place week commencing October 28.