Wolves took the lead just over a minute into the game after a good move, which started with Joao Moutinho, ended in Rayan Ait-Nouri whipping into a cross that was turned into his own net by a Cadiz defender.
Julen Lopetegui’s side were unable to build on that fast start, however, and allowed Cadiz space during a spell of prolonged pressure for the Spanish side.
A cross eventually came in and Toti Gomes headed into his own net, to Cadiz’s hand an equaliser after 10 minutes.
In an even game that ebbed and flowed through the first half, Wolves took advantage of a spell as they where on top to regain their lead just after the 30-minute mark. A recycled corner came back out to Moutinho, who delivered a terrific cross that Nathan Collins gladly headed into the bottom corner.
Wolves continued their charge just minutes later after more build-up play saw Daniel Podence pick the ball up on the edge of the box. After one touch to get the ball out of his feet, the forward fired home to extend Wolves’ lead.
Cadiz fought back just before half-time and Alvaro Negredo was unfortunate after a vicious volley smashed off the crossbar with goalkeeper Matija Sarkic beaten.
An even start to the second half saw Wolves hand Cadiz a goal just over 10 minutes in.
Lopetegui’s side overplayed in defense and a poor cross-field pass from Max Kilman was intercepted by Ruben Alcaraz and smashed home from the edge of the box.
Wolves recovered well and found a fourth goal with 15 minutes to play. A magnificent ball from Goncalo Guedes put Hwang Hee-chan in and his low cross, which was aimed at Raul Jimenez, was bundled into his own net by a Cadiz defender for a third own goal of the game.
Wolves made several changes throughout the latter stages of the game to give young players an opportunity, while they also changed to a four-at-the-back system.
Alex Fernandez curled home a lovely goal from distance to notch a third for Cadiz, in the last major action of the game as it ended 4-3.
The Wolves players now fly back to the UK tonight to continue preparations for the Carabao Cup game with Gillingham next week.
Portuguese internationals Jose Sa, Ruben Neves and Matheus Nunes join up with the team this weekend.
Wolves: Sarkic, Semedo (Lembikisa, 70), Collins (Pond, 77), Gomes (Mosquera, 70), Kilman, Ait-Nouri (Bueno, 45), Moutinho (Ronan, 77), Hodge (Griffiths, 87), Adama (Hwang, 45, Farmer, 87), Costa (Jimenez, 45), Podence (Guedes, 45).
Subs: Storer, Smith, Sondergaard, Birtwistle, Tipton, Traore, Roberts, Fraser.