Fifteen-year-old Keelan was found with stab wounds in the street after reports of trouble.
He was stabbed close to his home in the Merry Hill area of the city on May 29 last year.
Police today said the charges mark a significant stage of the investigation into the murder which shocked the city.
Nine teenagers had previously been arrested in connection with the investigation.
Charged with murder on Tuesday night were:
Tyrique King, of Chelwood Gardens, in Spring Vale, Wolverhampton
Zenay Pennant-Phillips, whose address is withheld for legal reasons
Nehemie Tampwo of Fern Grove in Bletchley, Milton Keynes.
All three men, now aged 18, were remanded in custody and appeared at Walsall Magistrates' Court today.
They were remanded in custody to appear at Wolverhampton Crown Court on November 15.
Detective Inspector Nick Barnes, from the Force CID team, said: "This is a significant step in the enquiry after months of work and we will continue our efforts to bring the offenders of this murder to justice.”
Keelan's mother Kelly Ellitts, who has fought a campaign for justice since his death, said the charges were a big step forward for the case.
She said: "I'm very pleased they've been charged. Obviously it's going to be difficult seeing them in court.
"I'm a bit all over the place. I was really quite shocked to get the call."
Supt Tom Chisholm, of Wolverhampton police, said: “We will not let up on the fight against knife crime.
"We are committed to protecting the public and will do all it takes to investigate violent crimes.
“Keelan’s murder was a needless act of violence that shook the communities of Wolverhampton.
"We will not let up on the fight against knife crime and are reliant on our communities to report their concerns to us, staying silent is not an option if we want real change.
"I would encourage anyone with information on knife crime to speak to the police on 101 or Crimestoppers on 0800 555 111.”