The 27-year-old Austrian striker has swapped places with Chris Iwelumo, who has returned to Molineux after a successful month on loan at Ashton Gate.
Maierhofer's loan is due to expire on April 11 and will take in seven games, starting with Tuesday night's Coca-Cola Championship clash at Plymouth.
Since arriving from Rapid Vienna in a £1.8million move last summer, Maierhofer has made just two starts and seven substitute appearances.
Wolves boss Mick McCarthy said: "This is a good move for Stefan and offers him the chance to enjoy some regular football."
Iwelumo had the opportunity to remain at City for a further month but the Scotland international has chosen to return to Wolves to fight for a first-team spot.