After their first away win of the season, they moved off the bottom of the table and out of the danger zone.
Youri Tielemans' 22-yard strike flew past Jose Sa and went in off the post as the Foxes took a 2-0 lead.
The Wolves had nine shots in the first 17 minutes, but fell behind when Harvey Barnes and Kiernan Dewsbury-Hall scored.
Diego Costa, still looking for his first goal since joining Wolves, had numerous chances but could not beat Danny Ward, who tipped one shot over and saved a goal. Other attempts were blocked or diverted away.
Daniel Podence was one of the players to be denied by a brilliant Ward stop.
Wolves had created, and missed, 20 opportunities by the time James Maddison scored for the third time in as many games.
The Maddison goal came from the third attempt of the match, and they scored with their fourth as they finally won away from home in the league.
Wolves dropped a place to 19th as a result of the win, but they are still above the bottom side of the table.
There were chants of "We want Sellars out" and "Scott Sellars get out of our club" during the second half of the game.
Bruno Lage, who was the manager of Wolves, was fired earlier this month.
Their attempts to find a replacement have been unsuccessful. Nuno Espirito Santo, who took them into Europe, was linked with a return. On Thursday, Michael Beale decided to stay with the leaders.
Steve Davis, a lifelong Wolves fan who was in charge of coaching the club's under-18s before Lage was dismissed, will remain as interim head coach until 2023.
Their total of five goals in 12 games is the lowest in the division, even though Davis' side made a bright start in his fourth game in charge.
The home fans were frustrated by the missed targets and the shots saved or blocked by the players.
Four goals were scored from five shots byLeicester. Brendan Rodgers will still be happy with the three points despite the late miss from Albrighton.
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