The Blues, competing in Europe for the first time this season, beat Scottish champions Glasgow City 4-0 on aggregate in the last round.
German side Wolfsburg won back-to-back titles in 2012-13 and 2013-14 but were beaten in last season's semi-final.
Chelsea, the only British team left, host the first leg on 11/12 November with the second leg a week later.
Chelsea Ladies will face two-time winners Wolfsburg in the last 16 of the Women's Champions League.