The fee, officially undisclosed, is reported to have beaten Bournemouth's record of eight million pounds ($11.61 million).
Afobe missed Wolves' FA Cup defeat by West Ham on Saturday because he was in talks with the south-coast club, who were promoted to the top flight of English football last season for the first time.
"The 22-year-old former Arsenal trainee has penned a four-and-a-half year contract with the club following a successful medical," Bournemouth's official website (www.afcb.co.uk) reported.
"We are absolutely delighted to secure the signature of another undoubted talent in Benik Afobe," chief executive Neill Blake said.
The England Under-21 international came through Arsenal's youth ranks without making an appearance for the senior team.
After a series of loans he joined Wolves in January 2015, scoring 13 goals before the end of the season and adding another 10 this season.
Bournemouth, 16th in the Premier League ahead of Tuesday's game at home to West Ham, had been keen to add to their attacking options after suffering a number of injuries.
(Reporting by Steve Tongue; editing by Clare Fallon)
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