An own goal from Terry Ablade and Kian Pennant's strike earned a draw on the road for the Foxes in Premier League 2 Division 1, who had to come from behind twice, after a goal either side of the break from Luke Harris.
There were five changes to the Foxes' line-up that lost to Tottenham Hotspur two weeks ago, with Lewis Brunt returning to captain the side, while Henry Cartwright and Wanya Marcal-Madivadua were also given the nod. There was also a space at left-wing-back for Under-18s defender Mirsad Ali, to make his debut for the Development Squad.
Another young star in the form of Amani Richards was included in the matchday squad and rewarded with a spot on the bench, following his impressive performance for the Under-18s against Arsenal on Tuesday morning, which saw him score a second-half brace to hand three points to City.
Despite Fulham seeing most of the possession in the early stages, it was the travelling Foxes who had the first opportunity at goal, when Chris Popov broke in behind, cut inside on his left foot and forced a strong save from George Wickens.
On a cold and wet night in south London, it was clear that City's game plan was to deny entry to the fifth-placed side in PL2 and look to counter when they could. Holding steady with five across the backline, Leicester were frustrating the hosts in the first half-an-hour.
The second chance of the game, once again, came from the visitors. On the break, Tawanda Maswanhise stepped inside and hit a curling effort towards goal, but unfortunately saw his shot hit the post and stay out.
Seconds later, the deadlock was broken when Fulham went up the other end and won a penalty. Fulham's Harris stepped up and converted from 12 yards, sending Brad Young the wrong way.
Just before half-time, Fulham had the chance to extend their lead, having been awarded a second penalty. However, this time around Young guessed right and leaped to his bottom right to keep his side within touching distance at the break.
There was a change in shape for Leicester in the second half as Zach Booth replaced Lindsay, sending the Foxes to a four at the back in an attempt to get more bodies forward.
This had an immediate impact as just before the hour mark, City drew level. A whipped in cross from Marcal-Madivadua was turned in by Fulham forward Ablade from close range, and City got it back to 1-1.
The home side retook the lead not long after when goalscorer Harris added a second himself, to give the Cottagers a lead with less than 20 minutes to go.
In what was an improved performance from Leicester's Under-21s, they continued to threaten the Fulham goal, as the side looked desperate to take at least a point from Motspur Park.
with minutes to go, they found a way through when substitute Kian Pennant hit the back of the net with a superb strike from range, ensuring what could be a valuable draw for the Development Squad, with only five games remaining.
Major moment – Kian Pennant's late equaliser
Having gone behind twice, it took great strength for Leicester to comeback and earn something from the game. An impressive strike from second-half substitute Kian Pennant took a point back to the Midlands.
Who impressed? – Brad Young
The Foxes conceded twice, however Brad Young made numerous key saves during the match, including a penalty save just before half-time, which gave his side something to fight for in the second half.
Where do we stand? – 14th in PL2
The draw sees City's Under-21s remain bottom of Premier League 2 Division 1 with 12 points.
Coming up – Manchester United (H)
The Foxes return home on Monday 17 April when they welcome Manchester United to LCFC Training Ground for a PL2 fixture.
The details...
City: Young; Wormleighton, Brunt (c), B. Amartey, Lindsay (Booth 57'), Ali; Cartwright (Richards 82'), Cover, Marcal-Madivadua, Popov (K. Pennant 68'), Maswanhise.
Subs not used: Odunze, Grist.
Goals: Ablade (og) 57', K. Pennant 88'.