The visitors went behind to a first-half strike from Anthony Knockaert, but fought back with a spectacular 51st-minute equaliser from 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.
Recent Leicester signing Chris Wood almost added to his already-healthy goalscoring account at the club with a dipping effort from 25 yards out, but the strike crept just over the crossbar.
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.
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 goal galvanised the visitors, but Nugent produced a superb solo goal from the edge of the Wolves area to put Leicester back in control.
He could have doubled his tally five minutes from time when the ball fell to him on the edge of the six-yard box - but the striker could not find the finish.