The Cottagers are enjoying an amazing run in the UEFA Europa League having knocked out holders Shakhtar Donetsk before their 5-4 aggregate win over Juventus.
However, Wolfsburg, who started this season in the UEFA Champions League, will pose another tough test.
The Germans knocked out Rubin Kazan in the last round, and boast one of the most sought-after strikers in Europe in the form of Bosnian Edin Dzeko.
Meanwhile Liverpool will face Benfica in the quarter-finals. The Portuguese club beat the Reds' Merseyside rivals Everton 5-0 in the group stages of the tournament before Christmas.
The draw meant that Liverpool avoided manager Rafa Benitez's former club Valencia, who will instead face Atletico Madrid in an all-Spanish tie. The quarter-final line-up is rounded off by Hamburg v Standard Liege.
UEFA Europa League quarter-final draw
Fulham v Wolfsburg
Hamburg v Standard Liege
Valencia v Atletico Madrid
Benfica v Liverpool