Having already wrapped up the title, Bayern had little to play for in their first outing since falling short in their UEFA Champions League semi-final tie against the reigning European champions, Paris Saint-Germain.
However, there were no clear signs of the Bavarians taking their foot off the gas in a first half played at a great pace at the home of relegation-threatened Wolfsburg, who went close to taking an early lead when Vinícius Souza forced Jonas Urbig into a save at point-blank range.
Urbig’s opposite number, Kamil Grabara, was soon called into action to thwart Jamal Musiala at the near post, just moments before he watched Tom Bischof rattle the frame of his goal.
The Wolfsburg shot-stopper breathed another huge sigh of relief when, to everyone’s shock and the home faithful’s sheer delight, Kane skewed his 36th-minute penalty wide after Olise had been brought down in the box.
As Kane looked accusingly at the ground that caused his standing leg to slip, Die Wolfe looked to capitalise on the England captain’s rare misstep from the spot, only to see Urbig pull off two impressive stops to thwart Denis Vavro’s piledriver and Christian Eriksen’s follow-up effort.
After being left frustrated by the goalless half-time scoreline, Bayern’s mood significantly improved when Olise produced a moment of world-class quality to break the deadlock just before the hour mark.
Utilising a couple of step-overs, the Frenchman moved away from his marker to drive inside from the right flank and curl an unstoppable strike in off the underside of the crossbar.
Wolfsburg’s first-half threat deserted them until Mattias Svanberg raced through on goal in the dying embers of the contest, but while his low shot evaded the goalkeeper, it failed to avoid the upright to the collective anguish of the home support.
The narrow loss keeps Dieter Hecking’s charges in the relegation play-off spot and level on points with 17th-place St. Pauli, who they will face in a colossal encounter on the final day.