But it was the Foxes who got off to a flying start after just three minutes when Iain Hume crashed home Nils-Eric Johansson's cross from the left with a sweetly-struck right-foot volley from 12 yards.
Danny Tiatto then went close when he cut inside before unleashing a fierce drive which almost caught out Matt Murray at the near post.
Michael Kightly then made a terrible hash of a chance to level for Wolves when he rounded Conrad Logan but then at the crucial moment lost his footing.
The West Midlanders squandered another opportunity when a poor header from Richard Stearman fell at the feet of Andy Keogh, whose close-range shot was blocked by the City keeper.
Then, midway through the first half, Leicester failed to capitalise when Steven Hughes nodded on a Shaun Newton free-kick for Gareth McAuley to ghost in at the far post only to sky his close-range effort over the bar.
It was a costly error because on 25 minutes Wolves were level.
There was a scramble inside the six-yard box which saw Logan save from Keogh and James Wesolowski clear off the line from Neill Collins before Seyi Olofinjana hooked home.
And the visitors were in front on 33 minutes when Kightly first saw his rising shot pushed away superbly by Logan but then he followed up to bundle the loose ball home.
Wolves went close to building a commanding lead when Olofinjana struck the bar from 20 yards, before Newton should have scored for the home side when he drove over the bar from 12 yards.
A minute after the restart Patrick Kisnorbo directed a far post header too close to the Wolves keeper, before Keogh's lifted shot over Conrad was scrambled clear after coming down off the bar.
Wolves scored their third on 53 minutes when McAuley put through his own net while attempting to cut out Keogh's pass to the unmarked Jay Bothroyd.
City were reduced to ten men just after the hour mark when Kisnorbo was shown red for a second bookable offence.
City had a chance to pull a goal back on 68 minutes when Matt Fryatt exchanged passes with Johansson before driving a ten-yard angled shot beyond the far post.
But Wolves remained in control and wrapped up a comfortable win on 86 minutes when Johansson up-ended Stephen Ward inside the box and Keogh rolled home the resultant penalty after Conrad had dived the wrong way.