Wolf was born in 1922. His father died when Wolf was a child and he was raised by his grandparents. His grandparents later gave him up to a foster home when he was 10. Eventually, he moved out, putting himself through high school and marrying at 19. Wolf enlisted to fight in World War II and lost part of his leg in the Battle of the Bulge. After the war, he studied mechanical engineering and worked at Westinghouse, patenting several inventions. Wolf later became primarily involved in the development of toys and board games. He developed a version of the portable record player.

In 1981, Wolf sketched a group of superpowered animals which combined superhuman and superanimal powers. After pitching the idea to several studios, Telepictures agreed to develop the series in 1984 and it became ThunderCats.

Wolf died in 1999 in Hawaii.