Manchester City target Kane started on the bench at Molineux amid ongoing speculation over his future and came on with 20 minutes to go as Spurs followed up last week's win over Manchester City win another three points.
Kane was absent from Tottenham training earlier this summer as the transfer saga involving Premier League champions City took another twist but the game was won by Alli, who put Tottenham ahead on nine minutes from the penalty spot after he was brought down by Jose Sa in the area.
"We had to fight and earn the three points," Alli said. "We have to put in a solid performance away from home and hit them on the counter. We knew they'd have chances, it's how you deal with that.
"My game has been a little deeper this season, allows me to get in the box later which is what I like to do. I'm happy to get the goal and help the team."
Tottenham value Kane, who has three years left on his contract, at more than £150 million. Although privately City have suggested they will not meet that number, sources have told ESPN they would be willing to break the British transfer record for a second time this summer after having already paid £100m to sign Jack Grealish from Aston Villa.
Nuno Espirito Santo, on his return to former club Wolves, was celebrating early on, with Alli decisive from the spot after he was fouled. Wolves responded, though, and wanted a penalty of their own when Oliver Skipp tangled with Nelson Semedo in the area, though nothing was awarded.
Spurs were under pressure from the home side and were grateful for the half time whistle, though Bruno Lage's men created few clear opportunities despite being the better of the two sides in the first half.
The home side continued to press for an equaliser after the restart with Semedo going close, before Hugo Lloris denied Adama Traore with his legs. Raul Jimenez, who last weekend made his first start since fracturing his skull in November, missed the most glaring opening for the hosts.
Then came Kane, for his first appearance of the season, and he was booked for time-wasting as Spurs closed out the remaining moments to secure another win.