It was the hosts who went ahead at the KC Stadium, with Adama Diomande finding the back of the net on the stroke of half-time.
Curtis Davies headed Robert Snodgrass' corner towards goal to draw a superb save from goalkeeper Kasper Schmeichel, but Diomande volleyed in the rebound.
The Foxes found a way back into the game straight after the restart when referee Mike Dean awarded a controversial penalty.
Demarai Gray was deemed to have been fouled by Tom Huddlestone inside the box before Riyad Mahrez converted from the spot.
But Claudio Ranieri's men were level for just 10 minutes as Snodgrass put Hull back in the lead with a half volley into the bottom corner after a poor clearance.
Leicester failed to grab another equaliser and became the first champions to lose their first match of the new Premier League season.
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