Two ambulances and two police cars were at the scene from around 8am.
The pavement in front of Nando's, where the woman was found, and a number of other shops was sealed off.
It is believed the woman may have been sleeping rough for a number of nights.
Flowers have been left in tribute to the woman in a doorway next door to Nando's. A message left with the flowers reads: "RIP Hayley. Deeply shocked. Thinking of you at peace finally."
West Midlands Police spokeswoman Deb Edmonds said: "The body of a woman was found just before 8am in Queen Street, Wolverhampton this morning.
"Her death is currently being treated as unexplained, but not suspicious."
West Midlands Ambulance spokeswoman Claire Brown added: "West Midlands Ambulance Service can confirm that it was called to Queen Street in Wolverhampton shortly after 7.45am this morning.
"Two ambulances and a paramedic area support officer was sent to the scene. Sadly, upon arrival, it quickly became apparent to ambulance staff that a woman was beyond help and she was confirmed dead on scene."
The area was fully open again by 10.20am.