Fulham and Manchester United thrashed them 5-0 and in between the side now managed by Terry Connor lost 2-0 to fellow strugglers Blackburn.
McCarthy was axed five weeks ago and their only point under Connor so far came from the 2-2 draw at Newcastle in his first game in charge.
"I think Mick McCarthy going was the wrong decision,"
Lambert said. "I think the drive and passion he has for the game might have stood them in good stead.
"That's taking nothing from Terry because he was part of it, but we have to try to keep them down there.
"It's mammoth for him. He's been thrown in at the deep end and you have to sink or swim."
The Canaries have dropped to 14th in the table and also have only one point to show from their last four league games, a draw at home to Wigan two weeks ago.
But they are still 13 points clear of the relegation zone with nine matches left and Lambert insists the recent defeats at home to Manchester United and at Stoke and Newcastle - all by a single goal - have not knocked confidence.
"It's going to be a really hard game - Wolves are fighting for their lives - but the team are playing well and I don't have a problem lifting them. They're vibrant.
"Wolves might be low in confidence and we have to try to capitalise on that."
Midfielder Anthony Pilkington has recovered from the knock he suffered at Newcastle, but although Marc Tierney and Daniel Ayala are back in training they are not considered ready yet, while James Vaughan is still missing with knee trouble.
Meanwhile, Connor believes the recent results of Blackburn and QPR have fuelled belief among the Wolves players that they can avoid being relegated from the Barclays Premier League.
Wolves are lying in bottom spot ahead of the trip to Norwich and next weekend's home encounter with fellow strugglers Bolton.
They have managed just one win in 2012 and conceded 14 goals in four games under Connor but he is adamant his squad are not doomed to the drop.
Connor said: "There is no sense of the players being resigned to their fate. Not one of them feels that way.
"They all want to play at Norwich. They are all ready to go. They have seen the results of the other sides around them.
"Blackburn have got back-to-back wins and are out of immediate danger. The lads also saw what happened on Wednesday night to QPR in coming back to beat Liverpool from two goals down.
"They are thinking `why not us?' and `why can't we do it at Norwich?'. The feeling is `those sides have got their results, we have to get ours on Saturday'.
"All we want to do is get the next result and turn our season around. One game can make a massive difference in this league.
"Two back-to-back wins takes you out of immediate danger and Blackburn are still catchable because there are enough points to play for."
Wolves will be without suspended defender Ronald Zubar after his red card against Manchester United last weekend.
It could mean a recall in a reshuffled back four for skipper Roger Johnson who has been axed for the past four matches since Connor took charge.
Connor's biggest concern is in central midfield where David Davis (broken rib) has joined Karl Henry (hamstring) and Jamie O'Hara (groin) on the injury list.
Source: PA
Source: PA