Police closed off Paget Road between Tettenhall Road and Clark Road just after 9.30pm on Thursday night following the incident.
It led to the Wolverhampton College campus, Wolverhampton Girls' High School and St Jude's CofE Primary Academy being closed.
Police said shots were fired at a car on Paget Road and a man in his 20s was found with gunshot wounds. He was taken to hospital and his injuries are not thought to be life-threatening.
A spokesman for the force said: "We have a cordon in place for forensic examination and we’re exploring CCTV opportunities.
"We understand that incidents like this is alarming for residents, but we do believe this was a targeted attack. We will have extra officers in the area to reassure the community and we would urge anyone with information who hasn’t yet spoken to us to contact us via Live Chat on our website quoting log 4791 of 23/3."
A woman, who lives nearby didn't wish to be named, said: "I thought I heard fireworks sometime after 9pm but before the helicopters at around 10pm. I thought it was that and you usually think 'stupid people' especially at this time of night, then we heard the helicopter and then police cars arrived."
A man, who wished to remain anonymous, said: "I heard the helicopter at around 10pm last night for around two hours and my neighbour went for a walk, and then text me saying they've blue taped it up.
"This is usually a quiet area, except in the mornings with all the traffic, but I've never seen anything like this. It's quite concerning, especially when you've got kids as well."
Access to the college was restricted to vehicles so the decision was made to close the campus. A spokesman for the college confirmed the incident was not related to the campus. Online learning was available for pupils at the affected schools.
A resident who lives on Paget Road and did not wish to be named said she returned home just after midnight to find police vans and the road closed off.
The college posted on social media at 7:25am: "Unfortunately Paget Road campus will be closed today.
"Students unable to attend lessons at Paget Road campus, please check your VLE area and Teams for update on work to complete from your tutors."
No staff or students were at the campus at the time of the incident, a college spokesman confirmed.
A spokesman for West Midlands Ambulance Service said: "We were called to reports of a gunshot incident near Paget Road at 10.24pm.
"One ambulance, two paramedic officers and a MERIT trauma doctor were sent to the scene.
"On arrival we discovered one male patient, who was treated for injuries not thought to be life-threatening, before being taken to hospital for further assessment."
They also released the below statement which included more information.
Anyone with information can also give information anonymously to Crimestoppers on 0800 555 111.