Iwobi was brought on for Theo Walcott in the 56th minute for his 23rd Premier League appearance.
Raul Jimenez, Leander Dendonker and Diogo Jota were on target for Wolves who gave their Champions League pursuit a big boost.
Jimenez opened scoring for Wolves on the stroke of half-time from the penalty spot before Dendonker doubled their lead on 46 minutes.
And in the 74th minute Jota added the third goal to secure the win for Wolves who had lost their last two games.
The defeat means Everton are winless in their last three games (two defeats and one draw).
Wolves move up to sixth position on 55 points and are four points away from fourth position currently occupied by Leicester City.
Everton are now 11th and have 45 points with three games left to play in the league.
By James Agberebi
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