The animal bit Aishat Maksudova on her arm and her leg and she fell to the ground, crying out for help from other villagers.
No one was in earshot, so she reached for an axe she had brought along to repair a fence and hit the wolf over the head several times until its teeth unclenched.
The wolf later died.
The farmer has become a heroine in the Caspian Sea province that lies east of Chechnya.
She is still being treated for her wounds at a local hospital after the incident.
Doctors said she is recuperating well.