Chasing an imposing target of 191, Punjab came back after being reduced to 56 for three in the eight over through skipper Hussey and youngster Gurkeerat Singh's 29 off 12 balls towards the end.
Needing 16 off the last over, Gurkeerat slammed Manpreet Gony over deep midwicket for a six and then got a four through sweeper cover. Gurkeerat finished the chase in style, pulling the bowler over the fine-leg region.
This was Punjab's seventh win and they would hope for positive results in their three coming matches.
Hussey hit four fours and five sixes during his swashbuckling knock and was solely responsible for the stunning win, which undid Shikhar Dhawan and Cameron White's good work earlier in the day.
Dhawan and White struck brisk half-centuries as the Chargers posted an imposing 190 for four after they elected to bat at the PCA Stadium.
Image: Kings XI Punjab batsman Gurkeerat Singh celebrates his team's victory over Deccan Chargers during the IPL Twenty20 cricket match between Kings XI Punjab and Deccan Chargers at Punjab Cricket Association (PCA) stadium in Mohali on May 13, 2012.
Scorecard | IPL 2012