David Jones Molineux men were disappointing in the opening 45 minutes as Leicester took advantage of some diabolical defending.
But afterwards Wolves hit top gear to slice Leicester open at the back and climb up to 15th spot in the table.
"We had a mountain to climb and we did just that," said the delighted Jones.
"It wasn't a nice atmosphere in the dressing room at half time. The crowd booed us off and I booed the lads into the changing range.
"That must have the comeback of all comebacks at this level. We put ourselves in jail and we got out of it."
Micky Adams, the Leicester boss, admitted he could make no excuses for the turnaround.
Striker Les Ferdinand headed Leicester into the lead in the 11th minute and he was on the mark again four minutes later, both goals coming from corners by Muzzy Izzet.
Riccardo Scimeca made it 3-0 to City with his well placed 35th minute shot after Ferdinand laid the ball off into his path.
Colin Cameron reduced the arrears for Wolves with his 52nd minute shot and he made no mistake from the penalty spot seven minutes later after Keith Gillespie needlessly handled a cross from Denis Irwin.
Alex Rae made it 3-3 with his 68th minute header and striker Henri Camara grabbed his first goal in Wolves colours to secure the points and complete their comeback with just five minutes left on the clock.
Wolves: Oakes, Irwin, Butler, Craddock, Naylor, Gudjonsson (Newton 22), Cameron, Rae, Camara, Blake, Miller (Kachloul 45). Subs Not Used: Murray, Iversen, Luzhny.
Leicester: Walker, Curtis, Elliott, Taggart, Rogers, Gillespie (Nalis 65), Izzet, Scimeca, Scowcroft, Ferdinand (Bent 64), Dickov (Hignett 64). Subs Not Used: Coyne, Stewart.
Attendance: 28,578
Referee: P Walton (Northamptonshire).