Russell and the Warriors led 110-106 with 29 seconds left in regulation. But after two free throws by Karl-Anthony Towns and a forced jump ball by Robert Covington, Wiggins tied it on a drive with 5.6 seconds left. Russell's 3-pointer at the buzzer missed.
In overtime, Wiggins hit a clinching 3 with 23 seconds left to help the Timberwolves snap a two-game losing streak.
Towns battled through foul trouble to score 20 points and grab 14 rebounds. Covington had 17 points and 11 rebounds.
Alec Burks scored 18 points off the bench for the Warriors. They have lost five of six.
Russell had missed the previous three games for injury-depleted Golden State with a sprained right ankle. His return gave the Warriors their seventh different starting lineup in nine games. His previous career high was 44 points.
Three fouls limited Towns to seven points on five shots in 10 first-half minutes. That, along with 17 points from Russell, helped the Warriors to a 61-60 lead at halftime.
Golden State was 20-for-20 from the free-throw line in the first half. The Warriors finished the game 23 for 24.
Warriors G Stephen Curry (fractured left wrist), G Klay Thompson (left ACL surgery), F Kevon Looney (neuropathy), F Draymond Green (sprained left index finger) and F Alen Smailagic (right ankle sprain) are out.
Timberwolves point guards Jeff Teague (illness) and Shabazz Napier (right shoulder sprain) missed their second consecutive game. Josh Okogie started Wednesday's loss to Memphis but returned to the bench Friday. He was replaced by Treveon Graham, who started the first six games of the season.
Warriors: At Oklahoma City on Saturday night.
Timberwolves: Host Denver on Sunday.
Russell erupts for career-high 52 points in OT thriller
D'Angelo Russell scores a career-high 52 points on 19 made field goals, but the Warriors fall short to the Timberwolves in overtime.