The attacks happened within a mile of each other in the Low Hill and Heath Town areas late on Monday and in the early hours of Tuesday.
The woman, in her 20s, was shot in the chest in Sharman Road, Low Hill.
No injuries were reported in the other shooting in Latch Place but a property was damaged.
The two incidents are believed to be linked, West Midlands Police said.
A spokeswoman for the force said: "We are investigating after shots were fired on Latch Place and Sharman Road in Wolverhampton late last night and into the early hours of this morning.
"A woman in her 20s is in a serious condition after suffering a gunshot wound to her chest, following the shooting in Sharman Road.
"There were no injuries reported in Latch Place, but there was some damage to property.
"Our investigations are in the early stages, but we currently believe these incidents to be linked. CCTV is being reviewed and a forensic examination has taken place.
"We are urging anyone with information, or who witnessed these incidents, to contact us as a matter of urgency as any information you have could assist with our enquiries. Please quote log number 5106 of 7 June."