The incident took place on Kempthorne Avenue and Bushbury Lane just before 6.30pm yesterday,which was captured on footage that has circulated on social media.
Chief inspector Hasson Shigdar, from Wolverhampton police, said it was "lucky no one was hurt" in the "reckless" incident, which happened in the Bushbury area of the city.
He said: "We are aware of video footage being circulated of fireworks being launched at passing cars and towards houses on Kempthorne Avenue and Bushbury Lane in Wolverhampton.
"We believed it took place just after 6.30pm Sunday. We had officers patrolling in the area on dedicated anti-social behaviour patrols, including the unsociable use of fireworks.
"We responded promptly to a call in the Bushbury area, but unfortunately no suspects were identified.
"Letting off fireworks in the street and throwing objects into the road is reckless behaviour which could easily have led to serious injury. It’s lucky no one was hurt.
"It’s against the law to set off or throw fireworks in the street or a public place, and for under 18s to buy or possess fireworks.
"I’d ask anyone with information about what happened last night, including how these young people came to have fireworks, to get in touch with us."