The precautionary measure focuses on cladding at the buildings owned and managed by Liberty Living, the Labour MP for Wolverhampton North East Emma Reynolds said.
A total of 70 students from the University of Wolverhampton were being moved, the firm said.
It said the move was a "precautionary measure".
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Ms Reynolds said it had been discovered that cladding on two student blocks in Heath Town was a type of aluminium composite material which may be flammable.
She said: "I welcome the announcement that students resident in the two blocks in question will be moved out as soon as possible as a precaution.
"This is while consideration is given as to how to make the two blocks in question fire safe.
"I am however very concerned that student accommodation may have been clad in flammable substances."
Ms Reynolds added she would be calling for a full investigation.
A Liberty Living spokesperson said: "As a precaution we are moving students from blocks B and C to nearby accommodation. Remedial work will begin on the properties as soon as practicable. We will keep everyone fully informed of developments."
A University of Wolverhampton said the safety of students is of "utmost importance" and added it was liaising with the company.
Students are being moved out of two blocks of flats in Wolverhampton due to concerns about fire safety.