The Los Blancos opened the scoring in the 30th minute with a deflected strike from Kylian Mbappé, netting his 24th goal of the season.
Wolves spent over 30 consecutive matches at the bottom of the league standings, conceding more than 60 goals while scoring just 24.
The extra 30 minutes failed to produce more goals, pushing the game to penalties.
Harry Maguire and Lisandro Martinez both missed the game due to suspension.
Bayern are through to the Champions League semi-finals after a dramatic 4-3 victory against Real Madrid at the Allianz Arena, while Arsenal edged Sporting 1-0 on aggregate.
Manchester United suffered a huge top-four setback as Leeds United beat the Red Devils 2-1 at Old Trafford thanks to a brace from Noah Okafor.
Super Eagles star and Fulham midfielder Alex Iwobi, aka 17, has released a debut nine-track music album, ‘More To Life’.
Aston Villa won the first leg of their Europa League quarter-final tie, beating Bologna 3-1 as Ollie Watkins scored a brace, while Nottingham Forest drew 1-1 with FC Porto.
Hansi Flick’s loss follows Barcelona’s 7-2 victory against Newcastle and their recent 2-1 derby win against Atletico in LaLiga.
Leeds will now travel to Wembley Stadium to face Southampton, who secured a 2-1 victory against Arsenal on Saturday.
