Two brilliant first-half goals from the forward were followed by strikes from the former Chelsea midfielder, with Juan Bernat's goal scant consolation
The first game back after Germany's mid-season break gave Wolfsburg's players and fans the opportunity to honour the life of 20-year-old midfielder Junior Mandala, who died in a car crash earlier this month, before kick-off.
Dieter Hecking's team, who were 11 points behind leaders Bayern in second before Friday's match, proceeded to give a stirring performance from the first whistle - Dost handing them a fourth-minute lead.
Making only his fourth start of an injury-hit campaign, Dutch striker Dost doubled his tally in first-half stoppage time before the excellent De Bruyne took centre-stage.
The Belgium international displayed visible emotion in memory of his countryman Mandala when he made it 3-0 in the 53rd minute.
Although Juan Bernat hit back for Bayern two minutes later, De Bruyne would mesmerizingly turn Dante inside-out to rifle in an unstoppable fourth and seal Bayern's worst league defeat since a 5-1 thrashing on the same ground in April 2009.
Following a poignant pre-match tribute to Mandala - commemorated with a lengthy period of applause before a moment's silence - Wolfsburg stylishly took the lead from their first attack.
Luiz Gustavo intercepted Thomas Muller's pass to launch a clinical counterattack. Daniel Caligiuri's exquisite throughball from the right picked out De Bruyne, who selflessly touched the ball into Dost's path to stroke home.
Aside from the goal, Bayern largely bossed the early exchanges and Wolfsburg defender Robin Knoche made a timely block to deny Robert Lewandowski in the 14th minute.
The champions' usual poise deserted them as the half wore on and they might have been further behind when Xabi Alonso carelessly gave away possession to De Bruyne, but he was unable to pick out Dost on this occasion – the Dutchman scuffing another effort wide soon after.
However, he would not rue his misses for long.
Bayern half-cleared a stoppage-time set-piece and, although Dost's contact did not appear to be completely clean, the Dutchman lashed into the top corner via the upright.
Though Caligiuri could not convert Ivan Perisic's superb left wing cross soon after the interval, Wolfsburg once again would not pay for their profligacy as Bayern's defensive efforts completely unravelled.
Centre-halves Jerome Boateng and Dante's eagerness to press up the field was exposed as a simple pass from Maximilian Arnold sent De Bruyne racing clear to finish coolly.
Bayern reduced the deficit instantly - Bernat left with a tap in as Naldo failed to clear his initial prod goalwards.
Wolfsburg were unbowed and Dost headed back across goal for Arnold to lift over from close range after Perisic had further joy down the Bayern right in the 57th minute.
Home goalkeeper Diego Benaglio pushed a firmly struck free kick from Arjen Robben over but, with 17 minutes to play, De Bruyne had the sensational final word.
Arnold was the provider once more as the number of league goals Bayern have conceded this season was doubled in one unforgettable outing.