The path integral for Darcy's law with a stochastic conductivity, which characterizes flow through random porous media, is used as a basis for Wilson renormalization-group (RG) calculations in momentum space. A coarse graining procedure is implemented by integrating over infinitesimal shells of large momenta corresponding to the elimination of the small scale modes of the theory. The resulting one-loop β-functions are solved exactly to obtain an effective conductivity in a coarse grained theory over successively larger length scales. We first carry out a calculation with uncorrelated Gaussian conductivity fluctuations to illustrate the RG procedure before considering the effect of a finite correlation length of conductivity fluctuations. We conclude by discussing applications and extensions of our calculations, including comparisons with the numerical evaluation of path integrals, non-Gaussian fluctuations, and multiphase flow, for which the path integral formulation should prove particularly useful.