It forms part of the online giant's commitment to the city through the UK pilot of the Retail Revival scheme.
The collaboration with City of Wolverhampton Council enables local businesses to expand their reach through eBay's global marketplace.
The scheme helps small retailers get online, grow the local economy and demonstrate that online and high street retail can coexist.
City of Wolverhampton's small businesses on the programme reached £1 million in sales in the first 3 months.
The new website means people can stroll through a series of City of Wolverhampton sellers and products on eBay.
It will be further developed to enable feature sellers for events like Mother's Day and Christmas.
Rob Hattrell, Vice President of eBay UK, said: "In January the 64 retailers working with us in Wolverhampton had made £1 million of sales in just three months.
"Opening a dedicated Wolverhampton website is the next phase of our programme and will act as a shop window to the world for the city.
"I want our partnership to act as a beacon to aspiring entrepreneurs in the West Midlands and beyond."
City of Wolverhampton Council Cabinet Member for City Economy, Councillor John Reynolds, added: "We very much value the presence of these small businesses in our city and the creative local people behind them.
"They help give City of Wolverhampton its own identity and character and, in this challenging retail climate, they need all the support they can get.
"The Retail Revival scheme is really making a difference to these businesses and this new website gives them a fantastic global platform to help them grow."
To see the new website head to eBay Retail Revivial.