Chiefs have stated violence between young people in the city is hitting "concerning levels" which could soon escalate into more serious incidents.
And they are hoping to use £365,557 from the Government's Safer Streets Fund to crack down on the issue and provide a boost to women's safety.
Leaders have outlined more police at the bus station as one of the measures to deter incidents alongside further support being offered to the youths.
But despite the issue around anti-social behaviour, the city remains one of the "safest" cities nationally according to Chief Superintendent Richard Fisher.
Ch Supt Fisher, from Wolverhampton Police, said: "This positive news of additional funding to support our already strong partnership working and activities in the city centre and the wider borough is very welcome.
"Tackling key issues including women’s safety and anti-social behaviour which cause a sense of fear and violence particularly among our younger communities are critical within our community safety work. Many aspects of the successful bid have been pilot schemes or activities undertaken over the last year, which could only be funded once a month. This funding is enabling the expansion of these and the support we provide in the city centre.
"Wolverhampton remains one of the safest urban cities nationally and we want to continually improve that and encourage more visitors and economic growth with the excitement of the reopening of the Civic and Wulfrun Halls."
The proposal to boost officers at the bus station comes after a 15-year-old boy was stabbed around the area in April this year. The youngster was taken to hospital for further treatment.
The surrounding area was locked down while officers searched for the attacker, with people asked to avoid the area.
The cash boost will see the further expansion of the Night Guardians scheme – people who patrol the city centre and act as a point of contact to visitors and provide a visible presence to help women and girls.
Training and workshops around tackling anti-social behaviour and ensuring the safety of women at night will be delivered to staff working in the "night-time economy", including taxi drivers, taxi marshals and venue workers, so that they are better able to respond to incidents if they occur. P3 Navigator will provide outreach services to address anti-social behaviour and street drinking.
Councillor Jasbir Jaspal, Wolverhampton Council's cabinet member for public health and wellbeing, said: "The Safer Streets Fund is designed to help tackle crime in specific neighbourhoods, making residents feel safer and reducing demand on the police.
"We are pleased to have received this funding, which will enable us to better tackle issues surrounding anti social behaviour and violence against women and girls in the city centre.
"We are also seeing concerning levels of violence between young people in the city, which can escalate into more serious incidents.
“In recording incidents of both, Wolverhampton is unfortunately no different to any other big town or city. But we want to ensure our city centre remains a safe place for people to visit, whether they are coming in the day to work or shop, or in the evening for a big night out, and this funding will enable us to deliver key initiatives to make this happen."