On a blustery evening the visitors had the first chance after just two minutes when David Edwards was left unmarked in the penalty box, but his 12-yard shot was well saved by Preston keeper Andy Lonergan.
Moments later Chris Brown had a header saved and Tamas Priskin, the Hungary international on loan from Watford, had a 20-yard shot saved easily by Wolves keeper Wayne Hennessey.
Sylvan Ebanks-Blake had a right-foot shot deflected by Sean St Ledger for a left-wing corner and it was St Ledger who headed over at the other end from a Darren Carter left-wing cross after a left-wing corner.
Just before half-time Chris Sedgwick and Simon Whaley had shots saved and Wolves brought on Andy Keogh for Edwards at the interval.
Callum Davidson had a shot saved, but then in the 52nd minute substitute Keogh ran through the middle, beating Youl Mawene, before hitting a 20-yard right-foot shot into the bottom left corner of the net.
Whaley had a shot saved but then Jody Craddock fouled Brown in the penalty area and the referee pointed to the spot. Davidson hammered a left-foot penalty into the roof of the net in the 60th minute.
Wolves made a double substitution, bringing on Matt Jarvis for Michael Gray and Darron Gibson for Stephen Elliott.
Paul McKenna was booked for dissent and Neil Mellor replaced Priskin for the Lilywhites.
Preston made it 2-1 in the 81st minute when a Billy Jones right-foot right-wing cross fell nicely to Whaley and he turned and hit a right-foot shot from 15 yards past Hennessey.
Brown was booked for kicking the ball away late on as Preston held on for a crucial win.