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The win also ensured that Wolves again moved six points clear of second-placed Birmingham City.
Wolves should have been home and dry by half-time after dominating the opening period and their failure to turn that pressure into a flood of goals almost cost them before Iwelumo made the game safe in the 65th minute.
Blackpool were a more potent force after a half-time pep talk from manager Simon Grayson but they couldn't find a way through a determined Wolves rearguard.
Iwelumo's initial strike ended a long spell of Wolves pressure that had started as early as the eighth minute when the Scotland international saw his header crash off the bar.
Blackpool goalkeeper Paul Rachubka then tipped away a follow up header from Richard Stearman with the England Under-21 international central defender going on to miss another two clear-cut close-range chances.
Ian Evatt then blocked a goalbound drive from Sylvan Ebanks-Blake before Wolves made their persistence pay off.
Blackpool midfielder Keith Southern tried to a Kevin Foley throw in with an overhead kick but, as he set himself up, Iwelumo pounced to volley the ball home from 12 yards.
It looked set to spark a romp for Wolves but they were somewhat fortunate to hold on to their advantage at the start of the second half.
Alan Gow should really have put Blackpool on level terms in the 48th minute only to see his low drive flash wide before Adam Hammill missed the target when well placed and a last-ditch challenge by Stephen Ward denied Gary Taylor-Fletcher.
That was a vital block as Wolves made the game safe four minutes later when Rachubka spilled a corner from Michael Kightly and Iwelumo stabbed home from close range at the far post.