Stephen Elliott scored twice against his former club as Preston deservedly beat the Championship leaders.
Sylvan Ebanks-Blake converted a one-on-one chance with Andy Lonergan to put the home side in front after the Preston keeper scuffed his clearance.
Elliott nudged Ross Wallace's cross in at the near post to level and Sean St Ledger reacted quickest to stab home after Jon Parkin's header hit the bar.
Chris Sedgwick's mishit shot was then turned in by Elliott to seal the win.
Wolves manager Mick McCarthy:
"Preston gifted us one goal and we gifted them three. When we cock up, we do it big style.
"It's sod's law Stephen Elliott comes back and does that. I bought him for those qualities and he's a good player.
"But we have not played well. That's the upshot of it and they have deserved to win. They took their chances.
"There's no panic here. We are a good side and have answered all the questions asked of us over the first 26 matches."
Preston manager Alan Irvine:
"It's a fantastic result against a very good team.
"Wolves are a much stronger side but we can compete in this division when we are at our best and have now beaten all of the top three clubs.
"That was close to the limits of what we're capable of producing. We have made good progress."
Wolverhampton: Ikeme, Stearman, Shackell (Keogh 89), Collins, Ward, Kightly, Henry, Edwards, Jarvis, Iwelumo (Vokes 71), Ebanks-Blake.
Subs Not Used: Higgs, Potter, Hill.
Goals: Ebanks-Blake 20.
Preston: Lonergan, Jones, St. Ledger, Mawene, Nolan, Sedgwick, Chaplow (Nicholson 75), McKenna, Wallace, Parkin (Brown 86), Elliott (Mellor 86).
Subs Not Used: Chris Neal, Whaley.
Booked: Nolan, Elliott.
Goals: Elliott 24, St. Ledger 41, Elliott 61.
Att: 26,138
Ref: Colin Webster (Tyne & Wear).
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