Chris Iwelumo's hat-trick sent Wolves clear at the top of the Championship table, but he was later sent off for headbutting Preston's Sean St Ledger.
The Wolves striker opened the scoring with a spectacular overhead kick.
Iwelumo then made it 2-0, finding the back of the net from close range, and made it 3-0 with a 72nd-minute penalty.
He received his marching orders late on before Neil Mellor rescued some pride with an injury-time penalty, with keeper Wayne Hennessey also red carded.
Preston manager Alan Irvine: "We didn't perform at the level we have been performing. Obviously Wolves are a very good side. Goals change games, we know that and if we had got an early goal it could have been a very different story.
"But you have to look beyond those things to the things you can control like how you play, how you perform.
"I don't want to start blaming everything on the referee - it wasn't all about the referee - it was about us and how we played. The fact is we need to play better."
Wolves boss Mick McCarthy: "It was a strange afternoon for Chris. He played exceptionally well, scored a hat-trick and got the match ball, and then got sent off!
"St Ledger has been in to see the referee to say that nothing happened and you can't get a better witness than that.
"All credit to him, he's been up against a player who's given him a real battle and has scored a hat-trick and yet he's still gone in to see the referee."
Preston: Lonergan, Jones, Mawene, St. Ledger, Hart, Nicholson, McKenna (Whaley 77), Carter, Sedgwick (Wallace 64), Mellor, Parkin (Elliott 69). Subs Not Used: Chris Neal, Jarrett.
Booked: Carter.
Goals: Mellor 90 pen.
Wolverhampton: Hennessey, Foley, Collins, Stearman, Stephen Ward, Kightly, David Jones (Edwards 69), Henry, Jarvis (Shackell 89), Iwelumo, Ebanks-Blake (Keogh 61). Subs Not Used: Ikeme, Vokes.
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