The entertaining encounter is the second of City's fixtures to take place at Sixfields, where the Sky Blues are groundsharing with Northampton, and follows a memorable opening 5-4 victory over Bristol City.
An attendance of 2,068 watched on on Sunday afternoon, only marginally down from that recorded against the Robins, and those Coventry fans present will certainly feel as though they are getting value for money at their temporary new home.
In a breathtaking game, Tom Clarke gave North End a 10th-minute lead when he volleyed home from a corner.
But Coventry set the tone for the rest of the game when they drew level in the 25th minute as Leon Clarke slotted home from close range.
Bailey Wright put Preston back in front from distance in the 64th minute but Callum Wilson made it 2-2 from six yards soon after.
Wilson put City into the lead for the first time with a great finish as late as the 83rd minute before Preston substitute Joel Byrom made it 3-3 just minutes later.
Chris Humphrey appeared to have won it in injury-time for Preston when everyone else stopped for what appeared to be a certain foul by Kevin Davies on Andy Webster.
Yet the Sky Blues still had one last push in them and when Cyrus Christie crossed from the right, Mathieu Manset flicked into the net to make it 4-4.