Last week, Uplands Junior School in Finchfield said the council had made the discovery as works were being carried out and immediately closed the building.
The school reopened on Monday but has revealed that everything which was in the school hall had been lost due to the issues.
The contents included a piano, stage lights, sound system, PE equipment, CD player, outdoor boombox, display boards, projector, curtains and books.
The school, on Finchfield Road West, said it was working with Wolverhampton Council to get this situation resolved as fast as possible.
In a statement on Facebook, the school said: "Due to the issue we had with asbestos, we have lost the entire contents of our school hall-piano, stage lights, sound system, PE equipment, Pe mats, CD player, outdoor boombox, all display boards, projector, curtains plus many many books and resources that were being stored in there whilst carpets were being laid.
"I will do all that I can to work with the council to get this situation resolved as fast as possible.
"Please be assured that your children are not missing out on any aspect of their learning.
"We have modified, adapted and swopped plans around to ensure pupils still get a full offer."
Last week, Councillor Wendy Dalton, who represents the Merry Hill ward, said the school had quickly managed to put an alternate educational plan into action.