Wolves survived relentless late Leicester City pressure to earn a win that takes them out of the relegation zone and leaves City still searching for their first away point this season.
The hosts led an open game at the break after some sloppy defending allowed Sylvan Ebanks-Blake to head home and Richard Stearman to sweep in a second.
Paul Konchesky smashed in a wonderful 30-yard strike to give the Foxes hope.
Martyn Waghorn hit the post with a late strike but the hosts held on.
Leicester piled forward for large periods of the second half. But thanks to a combination of some wayward finishing and desperate defensive work, Wolves were able to secure just their second league success at Molineux in 2012 and move above their opponents and up to tenth place in the Championship table.
The game was refreshingly open from the outset but, as good as much of the attacking was, some woeful defending also played a significant part in the thrilling fare on offer. Both sides were guilty of giving the ball away cheaply and the chances flowed - particularly before the interval.
Leicester midfielder Andy King, who later limped off with a hamstring injury, went close with a decent strike that was deflected over after an incisive move.
David Nugent fired a fierce shot narrowly over the bar and should have done better when strike partner Jamie Vardy was free in the middle as Wolves appealed for offside.
Ben Marshall's fine curling strike also forced home keeper Carl Ikeme into a brilliant one-handed stop.
But Wolves were equally dangerous up front. Kevin Doyle's know-how, experience and clever running off the ball proved a constant menace and a fine platform from which to play, and the excellent Bakary Sako provided a threat out wide.
Doyle had one decent attempt blocked and also produced a sensational curling effort that required a world-class save from Kasper Schmeichel.
Wolves are unbeaten at home this season, but the victory over Leicester is only their second league win at Molineux in this calendar year.
Despite the steady flow of chances, both first-half goals came from no-frills set-pieces and the dreadful defending will have left Foxes manager Nigel Pearson traumatised.
Ebanks-Blake crashed the first goal past Schmeichel from six yards from a simple, but perfectly delivered Sako free-kick.
And Stearman doubled the lead when Ritchie De Laet was caught ball-watching from a corner and the big defender met Doyle's flick-on to send a beautifully controlled volley in off the underside of the bar.
The defending improved after the break but the opportunities continued, Wolves going close through Ebanks-Blake and Sako.
But the visitors - boosted by the second-half introduction of Anthony Knockaert for the ineffective Lloyd Dyer - gradually got on top and started to dominate possession and chances.
Wolves had Karl Henry back in central midfield but he and his team-mates struggled to deal with the quality and movement of the young Leicester quartet.
A curling Marshall cross nearly beat Ikeme, who knew little about the save he made with his feet, and the pressure began to build.
Konchesky then crashed in the most spectacular of efforts, finding the roof of the net from 30 yards with a shot that beat Ikeme for pure pace.
A second City goal seemed inevitable. But Nugent's header drifted narrowly wide from a floated De Laet cross and Waghorn wasted their best chance when his low strike came back off the inside of the post, ensuring a third away league defeat this season.
Wolves manager Stale Solbakken:
"You could see that it was a team that is not used to winning. All the good organisation and spells that we had in the first half we lost in the second half. But they fought well, they blocked shots and were brave in our area and we are relieved we got three points.
"The first half was something to build on. In a way it was the first game for the new Wolves with the new players coming in from the beginning and during the game.
"The good thing was that the team did not panic. In the last 15 minutes although it was not wonderful to watch for a coach, it was good defending of the penalty area.
"The only way to get confidence is to win games but we still need to be braver and make sure we are not afraid of playing."
Leicester City manager Nigel Pearson:
"I am annoyed in the fashion that we conceded goals from two set-plays. It was sloppy and when we had the ball we didn't work hard enough. It really is a case of us making similar mistakes and at some point we have to start taking our chances.
"But the players are working hard and I believe our fortunes will change. We have got to start getting the performances to a point where we are more difficult to beat because we have the armoury to hurt sides.
"We played some good football but you don't want to play good losing football. We have the nucleus of a very good side. We have to take responsibility for how we perform and then everything else will fall into place."
- 13 Ikeme
- 05 Stearman
- 11 Ward
- 14 Johnson
- 16 Berra
- 07 Peszko (Boukhari - 74' )
- 08 Henry Booked
- 10 Sako
- 28 Doumbia (Edwards - 66' )
- 09 Ebanks-Blake (Sigurdarson - 76' )
- 29 Doyle
- 31 De Vries
- 32 Foley
- 34 Margreitter
- 04 Edwards
- 17 Boukhari
- 26 Davis
- 15 Sigurdarson
- 01 Schmeichel
- 02 De Laet
- 03 Konchesky Booked
- 05 Morgan
- 22 Moore
- 04 Drinkwater
- 07 Marshall
- 10 King (James - 30' )
- 11 Dyer (Knockaert - 46' )
- 09 Vardy (Waghorn - 71' )
- 35 Nugent Booked
- 13 Logan
- 12 St Ledger
- 16 James
- 24 Knockaert
- 14 Waghorn
- 20 Beckford
- 29 Futacs
Live Text Commentary
Full Time The referee brings the game to a close.90:00 +5:05
Left-footed shot by Bakary Sako missed to the right of the net.90:00 +4:09
David Nugent takes a shot. Blocked by Roger Johnson.90:00 +3:40
Wes Morgan fouled by Kevin Doyle, the ref awards a free kick. Kasper Schmeichel takes the free kick.90:00 +3:08
David Nugent delivers the ball.88:54
Bjorn Sigurdarson produces a cross, Liam Moore manages to make a clearance.87:59
Danny Drinkwater gives away a free kick for an unfair challenge on Karl Henry. Free kick taken by Karl Henry.86:37
A cross is delivered by David Nugent, save made by Carl Ikeme.86:13
Paul Konchesky crosses the ball.85:24
Corner taken left-footed by Anthony Knockaert from the right by-line, Roger Johnson manages to make a clearance.84:46
Kevin Doyle produces a right-footed shot from just outside the area that goes harmlessly over the target.83:56
Kevin Doyle takes a shot. Kasper Schmeichel makes a comfortable save.83:05
Danny Drinkwater has an effort at goal from just outside the box which goes wide of the left-hand post.82:56
The ball is delivered by Danny Drinkwater, clearance by Richard Stearman.80:53
Paul Konchesky crosses the ball, clearance by Bakary Sako.79:01
Ben Marshall shoots direct from the free kick.79:01 Booking
Booking Karl Henry shown a yellow card.78:57
Karl Henry gives away a free kick for an unfair challenge on Matty James.78:39
Shot by Martyn Waghorn from deep inside the box hits the post.77:11
The ball is sent over by Ritchie De Laet, Close range header by David Nugent misses to the right of the target.
Paul Konchesky takes the free kick.75:30 Substitution
Substitution Sylvan Ebanks-Blake goes off and Bjorn Sigurdarson comes on.75:30
Free kick awarded for a foul by Razak Boukari on Paul Konchesky.73:05 Substitution
Substitution Slawomir Peszko goes off and Razak Boukari comes on.71:41
Outswinging corner taken by Bakary Sako from the left by-line, Stephen Ward takes a shot. Save by Kasper Schmeichel.70:35 Substitution
Substitution Jamie Vardy goes off and Martyn Waghorn comes on.69:13
Danny Drinkwater provided the assist for the goal.69:13 Goal scored
Goal! - Paul Konchesky - Wolves 2 - 1 Leicester Goal scored by Paul Konchesky from 30 yards to the top right corner of the goal. Wolverhampton 2-1 Leicester.68:16
Anthony Knockaert has an effort at goal from outside the box which goes wide left of the goal.66:52
Sylvan Ebanks-Blake gives away a free kick for an unfair challenge on Liam Moore. Kasper Schmeichel restarts play with the free kick.65:52 Substitution
Substitution David Edwards replaces Tongo Doumbia.64:31
Anthony Knockaert takes a shot. Blocked by Christophe Berra.63:38
The ball is delivered by Ritchie De Laet. Anthony Knockaert takes a shot. Blocked by Christophe Berra.62:32
Ben Marshall sends in a cross, Carl Ikeme makes a comfortable save.62:13
The ball is sent over by Paul Konchesky, Christophe Berra makes a clearance.61:18
Foul by Anthony Knockaert on Slawomir Peszko, free kick awarded. Free kick taken by Richard Stearman.60:04
Sylvan Ebanks-Blake takes a shot from just inside the penalty box which clears the bar.59:29
The ball is swung over by Ritchie De Laet.58:53
The ball is sent over by Stephen Ward.57:30
Tongo Doumbia takes the free kick.57:30 Booking
Booking David Nugent receives a caution.57:28
David Nugent gives away a free kick for an unfair challenge on Karl Henry.57:19
The ball is delivered by Slawomir Peszko, Liam Moore manages to make a clearance.56:10
Bakary Sako takes a shot. Save by Kasper Schmeichel.55:06
Danny Drinkwater takes a shot from deep inside the box clearing the bar.53:43
Inswinging corner taken from the left by-line by Ben Marshall.53:37
The ball is sent over by Jamie Vardy, clearance by Christophe Berra.52:52
Karl Henry restarts play with the free kick.52:52 Booking
Booking Paul Konchesky receives a caution for unsporting behaviour.52:40
Paul Konchesky gives away a free kick for an unfair challenge on Kevin Doyle.52:14
The ball is swung over by Ritchie De Laet.51:58
Ritchie De Laet produces a cross, clearance by Richard Stearman.50:38
Bakary Sako decides to take a short corner.49:39
Danny Drinkwater challenges Tongo Doumbia unfairly and gives away a free kick. Bakary Sako produces a strike on goal direct from the free kick, Kasper Schmeichel makes a save.48:15
The ball is crossed by Ben Marshall, Carl Ikeme makes a save.46:32
Ben Marshall takes a shot. Stephen Ward gets a block in.45:01
The referee gets the second half started.45:01 Substitution
Substitution Anthony Knockaert on for Lloyd Dyer.45:00 +2:19 Half time
Half Time The players leave the pitch at half time.45:00 +1:02
Unfair challenge on Roger Johnson by David Nugent results in a free kick. Carl Ikeme restarts play with the free kick.45:00 +0:28
Bakary Sako takes the inswinging corner, Headed effort from deep inside the penalty area by Roger Johnson misses to the left of the goal.44:17
Sylvan Ebanks-Blake crosses the ball.43:28
Effort on goal by David Nugent from just inside the area clears the crossbar.42:05
Karl Henry takes a shot. Blocked by Danny Drinkwater.41:36
Kevin Doyle takes a shot. Save by Kasper Schmeichel. Kevin Doyle takes a shot. Wes Morgan gets a block in.41:03
The official flags Slawomir Peszko offside. Kasper Schmeichel takes the indirect free kick.39:01
Corner taken left-footed by Bakary Sako from the left by-line to the near post, clearance made by Danny Drinkwater.37:59
Matty James produces a right-footed shot from outside the penalty box and misses left.35:13
Free kick awarded for a foul by Karl Henry on Matty James. Wes Morgan takes the free kick.34:45
Drilled right-footed shot by Ben Marshall. Save by Carl Ikeme.34:05
Lloyd Dyer fouled by Tongo Doumbia, the ref awards a free kick. Paul Konchesky takes the free kick.33:02
Free kick awarded for a foul by David Nugent on Christophe Berra. Christophe Berra takes the free kick.29:54
Paul Konchesky restarts play with the free kick.29:54 Substitution
Substitution Matty James comes on in place of Andy King.29:54
Paul Konchesky fouled by Slawomir Peszko, the ref awards a free kick.29:13
Danny Drinkwater takes a shot. Stephen Ward gets a block in.28:09
Inswinging corner taken from the left by-line by Ben Marshall, clearance by Kevin Doyle.27:43
Shot by Ben Marshall. Save by Carl Ikeme.26:31
Inswinging corner taken by Bakary Sako from the right by-line, save by Kasper Schmeichel.24:50
Foul by Ben Marshall on Stephen Ward, free kick awarded. Carl Ikeme restarts play with the free kick.21:49
Free kick awarded for an unfair challenge on Slawomir Peszko by Paul Konchesky. Direct free kick taken by Tongo Doumbia.20:04
Assist by Kevin Doyle.20:04 Goal scored
Goal! - Richard Stearman - Wolves 2 - 0 Leicester Richard Stearman finds the net with a goal from close range to the top right corner of the goal. Wolverhampton 2-0 Leicester.19:52
Outswinging corner taken from the left by-line by Bakary Sako.19:23
Kevin Doyle takes a shot. Save made by Kasper Schmeichel.18:34
Danny Drinkwater takes a shot from just outside the penalty area clears the crossbar.17:43
Ben Marshall takes a shot from 25 yards.14:33
Corner taken right-footed by Ben Marshall, Christophe Berra makes a clearance.13:41
Foul by Richard Stearman on Lloyd Dyer, free kick awarded. Ben Marshall crosses the ball in from the free kick, clearance made by Karl Henry.12:38
Assist on the goal came from Bakary Sako.12:38 Goal scored
Goal! - Sylvan Ebanks-Blake - Wolves 1 - 0 Leicester Sylvan Ebanks-Blake scores a headed goal from close in. Wolverhampton 1-0 Leicester.11:54
Free kick awarded for a foul by Ben Marshall on Tongo Doumbia. Bakary Sako delivers the ball,10:01
Corner taken right-footed by Ben Marshall, clearance by Bakary Sako. Ritchie De Laet takes a shot. Blocked by Roger Johnson.9:43
Andy King takes a shot. Blocked by Roger Johnson.9:20
Centre by Bakary Sako, clearance made by Wes Morgan.8:59
Unfair challenge on Kevin Doyle by Ben Marshall results in a free kick. Stephen Ward restarts play with the free kick.8:48
Jamie Vardy challenges Stephen Ward unfairly and gives away a free kick. Karl Henry restarts play with the free kick.7:23
Wes Morgan gives away a free kick for an unfair challenge on Kevin Doyle. Karl Henry takes the free kick.4:52
Paul Konchesky gives away a free kick for an unfair challenge on Kevin Doyle. Bakary Sako fires a strike on goal direct from the free kick.3:47
Ritchie De Laet challenges Stephen Ward unfairly and gives away a free kick. Direct free kick taken by Carl Ikeme.2:13
Kevin Doyle fouled by Liam Moore, the ref awards a free kick. Free kick taken by Bakary Sako.1:20
Tongo Doumbia gives away a free kick for an unfair challenge on Lloyd Dyer. Free kick taken by Danny Drinkwater.0:00
The referee gets the game started.
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