Wolfe joins Wolves for a £10m fee and has signed a contract to 2030.
"I'm so, so happy and so proud to be a part of Wolves, so I'm over the moon right now," he told the club's website.
"I felt incredibly wanted from the second I talked to Domenico (Teti, Wolves director of football) and the second I talked to the coach (Vitor Pereira).
"Obviously, the Premier League is a big, big league, especially also in Norway. It's the biggest league that people watch, so when a Premier League club came in, and Wolverhampton came in for me, I was extremely keen on joining."
Wolfe added, “Two years ago, me and my family, we made a decision to go to AZ Alkmaar and to have that sort of middle step before the next big step.
“I feel very ready for that now, ready to play in the Premier League and to play and perform for Wolverhampton. I’m also very grateful for AZ for helping me a lot to make this step.”