The four vehicle road traffic collision happened around 6.30pm on Thursday, and Goldthorn Hill was closed in both directions.
Emergency services were at the scene, including police, ambulance service and fire service.
Two men from one of the cars involved had left the scene and police are working to identify them.
Two fire engines, nine firefighters from Fallings Park fire and Bilston fire stations responded to the collision.
Images show significant damage to two vehicles in particular, with one mounted on the pavement, smashed through a brick wall.
A silver Mercedes SUV looks to have smashed through a brick wall and has the most damage, with the complete front end damaged.
Fire crews gave initial care to three people who had managed to get themselves out of their vehicles, and one was taken to hospital by the ambulance service.
West Midlands Fire Service said: "Two fire engines crewed by firefighters from Fallings Park and Bilston fire stations responded to a four-car collision just before 6.35pm on Thursday 18 August.
"Goldthorn Hill in Blakenhall needed to be closed in both directions following the incident.
"Our crews gave initial care to three people who’d managed to get themselves out of their vehicles. One of them is understood to have been taken to hospital by the ambulance service."
West Midlands Police said in a statement: "We're investigating a four-vehicle collision in Goldthorn Hill, Wolverhampton at about 6.30pm yesterday (Thursday).
"Officers attended and found a man in his 40s being treated by paramedics. He was later taken to hospital with injuries which are not believed to be life-threatening.
"We understand that two men from one of the cars involved had left the scene and we're working to identify them. CCTV footage is being retrieved and witnesses have been spoken with.
"The road, which was closed off for initial investigations and for vehicles to be recovered, was re-opened at about 9pm.
"Anyone with information or dash cam footage, who's not yet spoken with officers, can message us via Live Chat at west-midlands.police.uk, or call 101, quoting log 3512 of 18 August."