Wolves looked on track for a third straight league defeat until a late leveller edged them away from the bottom of the league but still in a relegation fight going into the Christmas period.
But the hosts were level by the break as they ended the first half on top. Sylvan Ebanks-Blake was quickest to react as Stephen Hunt’s shot was charged down to score from close range.
An entertaining game continued after the break with Norwich again regaining the lead when substitute Simeon Jackson scored with his first touch from a scuffed shot.
But back came the home side to restore parity with nine minutes remaining. Ronald Zubar headed home Nenad Milijas's corner.
Norwich have still to keep a clean sheet this campaign but will be happy with a point which keeps them in mid-table security.
Wolves are still battling against the drop but showed resilience to bounce back for a deserved point.
Referee: Chris Foy
Yellow cards: Zubar (WOL), Hunt (WOL), Naughton (NOR), Martin (NOR)