It was the first time this season Foxes have recorded back to back wins and followed the midweek 3-2 triumph at QPR.
Fryatt's goal was his third in four league starts for the East Midlanders since his move from Walsall, which could eventually cost City £750,000.
After Rob Edwards had fired a sot over the bar for visitors, City hit back early on creating two good chances in the space of a minute.
First Stefan Postma had to sprint out of his penalty area to foil Fryatt after the striker had latched on to Stephen Hughes' throughball and then the keeper did well again to block a close-range effort from Iain Hume.
Kenny Miller responded for Wolves with Rab Douglas getting down well to keep out the striker's angled drive.
The home side's top scorer Joey Gudjonsson tried his luck with a 25-yard drive which flew narrowly wide.
The next clear chance fell on the half hour mark when Postma could only palm a Gudjonsson corner to the feet of City skipper Paddy McCarthy, who was disappointed to fire over from close range.
McCarthy was soon back in action, this time in front of his own goal when he dived in to block Tomasz Frankowski's effort just before the break.
Fryatt raced on to Nils-Eric Johansson's throughball with Postma again quickly off his line to snuff out the danger.
Leicester had a scare five minutes after the restart when Miller flicked on Rohan Ricketts' free-kick with the ball bouncing dangerously off Douglas' chest before his defenders were able to clear.
The Foxes hit back through the lively James Wesolowski who broke from midfield before testing the Wolves keeper from 20 yards.
Hume's persistence down the right allowed him to get in a cross but Fryatt was unable to get a clean connection with his head.
Douglas had to make a diving save from Miller's 18-yard drive, but it was the Foxes who continued to press.
And their endeavours were finally rewarded on 70 minutes with what was to prove the matchwinner.
Postma failed to hold on to McCarthy's header from a Gudjonsson corner and Fryatt, former manager Craig Levein's final signing before he was dismissed - reacted quickest to stab the loose ball home.