Doyle set the seal on a stunning performance with an injury-time penalty save from Michael McIndoe, who fluffed his chance to rescue a point and score a hat-trick.
It was the latest miss from the spot by Wolves, who have had four penalties this season and not scored from any of them.
Doyle had kept Wolves at bay in a one-sided first half and his good work paid dividends when Andy Cole broke the deadlock.
Ironically, Wolves became dominant after Blues skipper Stephen Clemence had rattled the post from close range in the 27th minute.
That sparked a spell of intense Wolves pressure but they could not find a way past the inspired Doyle, with the Irishman denying Andy Keogh, McIndoe and Jay Bothroyd.
Cole's loan move from Portsmouth may have cost Blues £250,000, but it looks to be money well spent after his neat finish nine minutes after the restart.
Despite clearly lacking in match fitness after his recent hamstring problems, the former England marksman latched on to a neat flick from Nicklas Bendtner to lift the ball over goalkeeper Matt Murray.
The shock of falling behind only served to spark even more Wolves pressure and they were rewarded by McIndoe's quickfire brace.
McIndoe had not scored at Molineux since his arrival from Barnsley in November, but he made amends for that with two goals inside the space of five minutes.
He got Wolves back on level terms in the 66th minute by heading home from 12 yards after an excellent cross from Michael Kightly.
The Scotland B international then headed Wolves in front five minutes later after another pin-point cross from Andy Keogh.
That double looked good enough to earn Wolves the win that would have left them on the verge of securing a place in the play-offs.
But Blues share the determination that was shown by their manager, Steve Bruce, in his playing days and that was evident in a frantic final 13 minutes.
Bendtner found himself unmarked in the 77th minute and rose high to head home his 13th goal of the season from Gary McSheffrey's corner.
Cameron Jerome, who had replaced Cole, then beat the offside trap with his pace to steer the ball under Murray.
That looked to be the finale to a thrilling game but that came in injury time when Bruno N'Gotty felled Jody Craddock in the area.
McIndoe, the fourth spot-kick taker for Wolves this season, shot weakly from the spot and his effort was easily saved by man of the match Doyle.