In the young Foxes' final fixture before Christmas, they went in at the interval holding a 3-1 advantage, but Spurs hit back in the second period.
Liam Loughlin fired City in front in the 33rd minute and, while Kion Etete hit back for the visitors from north London, the home side reasserted their early dominance.
Kian Pennant struck with six minutes of the first half to go before a penalty from Sidnei Tavares doubled Leicester's lead in the final moments.
However, Tottenham recovered in extraordinary fashion following half-time as Max Robson, Dennis Cirkin and J'Neil Bennett all scored to make it 4-3.
As a result, the young Foxes go into Christmas sat fifth in the U18 Premier League South table ahead of travelling to Norwich City on Saturday 4 January (12pm GMT kick-off).
The details...
City: Bosworth; Godsmark-Ford, Sams (Barrett 60'), Aisthorpe, D. Gyamfi; Maswanhise (Arlott-John 82'), Tavares, Loughlin (Ewing 83'), T. Pennant, McAteer; K. Pennant
Subs not used: Odunze, Marcal-Madivadua
Goals: Loughlin 33', K. Pennant 39', Tavares 45+2'