Rock gods, Wolves royalty and the heroes of the team's promotion campaign were all in attendance at a glittering five-hour ceremony.
Record signing Ruben Neves swept the board by winning three trophies – fan's player of the season, player's player of the season and goal of the season.
He was one of many stars of the evening, which was kicked off by a surprise guest appearance from Led Zeppelin legend Robert Plant who thrilled the crowd by performing Whole Lotta Love and favourite Wolves song The Liquidator.
He then introduced the players and head coach Nuno Espirito Santo onto the stage.
WATCH: Robert Plant rocks out at awards night
Footage: Jacqui Oatley/Twitter
Plant, as well as esteemed former Wolves players Steve Bull, Andy Thompson and Matt Murray, were interviewed by broadcaster and Wolves fan Jacqui Oatley.
Plant succinctly summed up his Wolves-supporting life – which dates back to 1955 – when he said: "It's been a bloody murderous journey. This is paradise."
The first award of the night was given to Wolves diehard Steve Plant for his tireless efforts in raising money for Cure Leukaemia and Compton Hospice.
Plant organised last summer's 24-hour penalty shoot-out at Molineux to support goalkeeper Carl Ikeme, who is battling leukaemia.
Ikeme gave a surprise video message thanking Plant and said: "Planty led the way with a lot of others by doing the penalty shoot out. I've been humbled by the support everyone has shown.
"I'm hoping to be back to see you all soon, I hope everyone enjoys their evening."
More coverage from the night
Plant received the Rachael Heyhoe Flint award for outstanding service to the Wolves community.
Other football awards on the night included Diogo Jota winning top goalscorer, Stafford-born Morgan Gibbs-White taking home the young professional of the season award and young winger Ryan Giles, from Telford, winning academy player of the season.
Andrea Whetton won the Wolves Women player of the season prize.
Managing director Laurie Dalrymple gave a speech in which he announced that global sporting giant Adidas will produce Wolves' kit for the next four years.
He also confirmed that a controversial shirt sponsorship deal with payday loan firm The Money Shop will end a year early, with a new sponsor set to be announced soon.
Dalrymple also revealed that a new media room being built at Molineux will be named the John 'Foz' Hendley Media Suite, after the much-loved programme editor and historian who died at the start of the year.