Nugent, who is being courted by a number of Premiership clubs, was the difference between the sides with two pieces of classy finishing that sentenced Wolves to their first defeat under the control of Mick McCarthy.
Preston, managed by Wolves old boy Paul Simpson, had arrived at Molineux without a goal and with just a single point on the board from their opening two games.
When Jay Bothroyd fired Wolves ahead with his second goal in four days, the writing looked to be on the wall for Simpson's team.
But Wolves could not rediscover the high-tempo play they had produced in Tuesday's win against Ipswich and Nugent took full advantage of that - and two defensive mistakes - to get Preston's season into gear.
Simon Whaley then set the seal on Preston's classy display with a third in stoppage time.
Things had looked so different for Wolves when Bothroyd struck with a 14th minute opener that owed everything to his pace and power - allied to a silky piece of finishing.
Picked out by a neat pass by skipper Jody Craddock, there initially appeared to be little danger when Bothroyd surged down the left wing.
But he used his pace and power to cut inside full-back Matt Hill and then came up with a neat finish to squeeze the ball past goalkeeper Carlo Nash at his near post.
Wolves were in control after Bothroyd's strike but then inexplicably gifted Preston a route back into the game following an error by goalkeeper Matt Murray in the 23rd minute.
Murray, the hero with his penalty save in Tuesday's 1-0 win against Ipswich Town, failed to fully connect with the ball when he attempted to punch clear a corner.
Preston midfielder Danny Pugh tried to hack the loose ball towards goal but inadvertently set up Nugent, whose flashing volley whistled into the top corner from 12 yards.
It was a crucial moment as it forced the wind out of Wolves sails and they never got going again.
Kelvin Wilson almost headed them ahead at the start of the second half only to be denied by Murray. But they did not have to wait much longer to seal their win.
Karl Henry lost possession in midfield and Nugent powered forward to drill a low shot beyond Murray after 65 minutes.
With Wolves chasing an equaliser in the final seconds another defensive error, this time by Craddock, let in Whaley to give the final score an emphatic look as he rifled home from the edge of the area.