The visitors struggled to settle into the npower Championship match and deservedly went behind to a first-half strike from Anthony Knockaert, but fought back with a spectacular 51st-minute equaliser from midfielder Bakary Sako.
Despite Wolves looking a much-improved team after the break, David Nugent sealed all three points for the Foxes in the 73rd minute.
Leicester started brightly and went close to opening the scoring in the fourth minute with a long-range effort from Nugent, before Knockaert fired a 25-yard strike narrowly over the crossbar just minutes later.
Wolves almost went ahead against the run of play in the 15th minute, when Kasper Schmeichel punched the ball into the path of Sako, who aimed a powerful pass across the six-yard box, narrowly out of the reach of Sylvan Ebanks-Blake's outstretched foot.
The Foxes made their considerable pressure count on 24 minutes, when Knockaert dribbled the ball into the Wolves area unchallenged, created an angle for himself, and fired past Carl Ikeme, whose touch was not enough to turn the effort around the post.
Karl Henry was lucky to still be on the field minutes later after his reckless challenge caught the ankle of Andy King, but referee Robert Madley felt a free-kick was punishment enough.
Wolves made the best possible start to the second half, with Sako firing a spectacular equaliser into the bottom-right corner of the goal from the edge of the penalty area in the 51st minute.
The visitors looked a much-improved side after the equaliser, but Nugent produced a superb solo goal from the edge of the Wolves area to put Leicester back in control.