The 2007–08 season was the 109th season of competitive league football in the history of English football club Wolverhampton Wanderers. They played the season in the 2nd tier of the English Football system, the Football League Championship. The season saw them finish seventh, narrowly missing out on a play-off place only by virtue of goal difference.

This season was the first under the ownership of Steve Morgan, ending the seventeen-year reign of Sir Jack Hayward. Morgan had bought the club for the nominal sum of £10, with the proviso that he invested £30 million into the club.

The close season saw businessman Steve Morgan take control of the club for a nominal £10 fee in return for a £30 million investment into the club, resulting in the departure of Sir Jack Hayward after 17 years as chairman. The protracted takeover, originally announced in May, was finally completed on 9 August 2007. The announcement of the deal saw the club set out their future ethos:

After last season's unexpected play-off finish, hopes were high for the club to go one step further this time, with manager stating automatic promotion was his aim. The side was strengthened by signing Freddy Eastwood,Stephen Elliott and Michael Gray, but last season's Player of the Year, goalkeeper Matt Murray - who had only just recovered from a broken shoulder - missed the whole campaign after suffering a knee injury in pre-season training.

On the field, the team started the season inconsistently, but a strong October and November saw them push as high as third, just three points from the summit. However, an injury suffered by key player Michael Kightly seemed to severely weaken the team's creativity and preceded a dismal Christmas period that saw them pick up just 4 points from a possible 21, leaving them mid-table and without hopes of an automatic finish.

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