The Owls Under-21s were defeated by the odd goal in five at Loftus Road on Monday evening.
Luke Booker put the Owls ahead in the first half after collecting a long punt forward and coolly rounding goalkeeper Conor Hudnott to tap into an unguarded net.
QPR levelled after the break through Joseph N’Guessan and strikes from Romeo Akinola and Leon Lobjoit gave the R’s a two-goal cushion.
The Owls set up a tense finish to the contest a minute from time when Lobjoit was penalised for a foul on George Hirst inside the 18-yard box.
The young striker stepped up to calmly convert the spot kick, low to the goalkeeper’s right but the hosts held on during the five minutes of added time to secure the victory.