Wolves struck twice in eight first-half minutes on Sunday and despite giving up 20 shots for the match, held on for the victory, weathering a nervous last 20 minutes after Leicester's Paul Konchesky scored.
Wolverhampton took the lead in the 13th minute after Sylvan Ebanks-Blake headed Bakary Sako's free-kick into the net from close range.
In the 21st minute it was 2-0 thanks to another assist from Sako.
The French midfielder's corner found Richard Stearman and the 25-year-old defender volleyed the ball home.
While Leicester had 20 shots (10 on target) to Wolverhampton's 15 (nine on target), the visitors only managed one goal when Konchesky thumped a long-range shot into the top corner in the 70th minute.
Leicester had chances to equalise with Martin Waghorn hitting the post and David Nugent having his shot blocked but they could not manage a second goal as Wolverhampton ground out their second win of the season.