The Blades dominated the first 20 minutes minutes of the match before handing power over to Wolves who took the lead via Stephen Elliot (23rd minute).
However it was James Beattie who was hero of the day with his two goals which takes him up to four for the club and the club's top scorer this season. United looked less than impressive until second half when James Beattie (56) got in when it hurt to head a bouncing ball over Wayne Hennessey who collided with Beattie in the process.
And, with eight minutes remaining the Blades were rewarded with a penalty after James Beattie was dragged down in the area by Gary Breen, Beattie (82) picked himself up to coolly slam home to finally put the Blades ahead.
Wolverhampton manager Mick McCarthy rung in the changes and brought on striking duo Jay Bothroyd and Freddy Eastwood with little effect. The Molineux faithful pushed forward in search of a goal; United caught their opposition on the break and two minutes into the time added on substitute Jonathan Stead found himself one-on-one with the keeper with Stead coming out on top.
Prior to the game the fans celebrated the life of former manager Ian Porterfield who at the age of 61 passed away the previous Tuesday, a minutes applause was given for a manager who took the Blades out of Division Four in 1984. His reign as Blades manager lasted between 1981 to 1986 before eventually joining Reading and Chelsea.
Wolves did test the Blades in the opening exchanges with Stephen Ward heading wide after Kevin Foley crossed. At the other end Danny Webber spurned the Blades on and linked well with Michael Tonge only to fire wide of the post from 16 yards - it was to be a day of missed chances for the former Manchester United striker who failed to hit the target three times during the first 15 minutes.
The Blades showed the metal that had been missing in the previous four games this season and should have took the lead on 18 minutes when Stephen Quinn's testing cross deluded everyone but Matthew Kilgallon who's rising header rattled the cross bar only for Danny Webber to turn and fire wide at the re-bound.
After that missed opportunity the Molineux club took full control and on 24th minute showed United exactly how to score a goal; Michael Knightly caught United on the break, he passed to Stephen Ward who shot at goal which was saved by Paddy Kenny but Stephen Elliot reacted quickest to dispatch into top corner of the goal.
Moments later Elliot should have doubled the gold & blacks lead as he ran onto Andy Keogh's header who fired over into the Kop, Keogh himself then pulled his shot wide from 12 yards as the Blades looked helpless.
After the break the Irish Republic striker Elliot created problems, linking with the lively Knightly as he fired from 25 yards which struck the side netting as the Wolves crowed looked to cheer another goal.
And on 57th minute disaster struck for Wolves when there sound defence crumbled like the 'Berlin Wall', a Leigh Bromby long ball forward bounced like a bomb and James Beattie got in the middle of Breen and Hennessey to head the ball over the top of the keeper whilst the crowed watched in anticipation as the ball trickled over the line.
On 76th minute the Blades escaped a Wolves attacked which should have ended in a goal; the home side failed to clear a Knightly free-kick, skipper Gary Breen headed back at the far stick and Darren Ward struck the bar before United somehow managed to clear a highly enforced goalmouth scramble.
With eight minutes left on the referee's clock the Blades were awarded a penalty, after Breen's bizarre moment of madness which led him to drag down Beattie in the box - he was however lucky to only escape with a yellow card after being the last line of defence.
It did cost Wolves the game as Beattie picked himself up, dusted himself down before turning to fire low and right of goal passed a stretching Hennessey who was helpless.
Wolverhampton tried to make a comeback by throwing on attackers but it was all in vain as United launched a last minute attack. The Blades caught the visitors on the break and Jonathan Stead latched onto Alan Quinn's header to find himself one-on-one with keeper Hennessey, and Stead calmly slipped the ball past the diving keeper; 3-1!
The result puts United level on points with Wolverhampton (seven) after just five games played; the Blades lay eighth in the table whilst our opposition slip down to twelfth. And, after five games without a win the Owls may as well join the Eurovision Song contest as they lay bottom of the league with zero points.