Nathan Blake and Dean Sturridge scored first-half goals to set up the belated success to send Preston slithering to their first defeat since the opening day of the season.
Blake and substitute Kenny Miller scored the other two goals in the 85th and 86th minutes in a hectic finish.
Wolves were also indebted to an outstanding performance from their 20-year-old goalkeeper, Matt Murray. The giant Wolves keeper denied Marlon Broomes and Ricardo Fuller on the occasions that Preston threatened Wolves' defence.
Following three successive defeats Wolves were under great pressure to perform and they responded with a positive performance.
Blake was the key to their success but the hard work of Alex Rae and Kevin Cooper also contributed to Wolves long over-due win as they dominated the mid-field where Dickson Etuhu struggled to make an impact.
The breakthrough occurred in the 23rd minute when Rae gained possession to send Blake racing past Micky Jackson before he fired his shot past Tepi Moilanen for his fifth goal of the season.
Wolves' determination resulted in both Cooper and Rae being booked but the Midlanders regained control when Denis Irwin moved up the right and produced the cross which found Sturridge.
The former Derby and Leicester striker, struggling to regain his form of last season, cleverly pulled the ball back to scoop his shot into the roof of the net.
Subtle substitutions by manager Craig Brown when he sent on Eddie Lewis and Mark Rankine produced a more attacking policy but Murray maintained his impressive first-half form to thwart a menacing Preston.
But the finishing power of Wolves earned them a runaway win when Blake converted a pass from Cooper in the 85th minute.
Miller, who replaced Sturridge, responded with Wolves fourth goal after 86 minutes with a rasping shot which went into the net off the post