Dortmund went ahead through Sven Bender in the fifth minute, but three goals in the space of 12 minutes turned the game on its head.
A brace from Ivan Perisic was followed by goal from Naldo as the Wolves took control of the game and it looked like they were going to get a prestigious win until Marco Reus scored two late goals to earn Dortmund a share of the spoils.
Bender gave Dortmund an ideal start when he scored his first goal of the season, turning in a ball from Nuri Sahin to round off a well-worked free-kick.
The lead lasted less than 10 minutes, though, before former Dortmund striker Perisic opened his Wolfsburg account, meeting Ivica Olic's cross at the far post.
Not happy with just one goal against his former club, Perisic grabbed a second nine minutes later.
His first shot was blocked but he got lucky with his second attempt, which took a deflection on its way past Roman Weidenfeller.
Three minutes later, Naldo had the fans inside the VW-Arena on their feet once again when he was left unmarked to score with a powerful shot from 12 yards out.
Olic missed a chance to make it four as chances continued to arrive at both ends, but it was not until the 84th minute that the next goal arrived.
It was Reus who was put through by an excellent pass with the outside of his boot by Barcelona and Real Madrid target Ilkay Gundogan, and the Germany international kept his cool to chip to the ball in over the hesitant Diego Benaglio.
Reus then struck a powerful shot in off the underside of the crossbar to bring Dortmund level in the 88th minute and conclude an entertaining game in style.