Within the one-dimensional tight-binding model and $\ensuremath{\chi}\ensuremath{-}3$ approximation, we have calculated four-wave-mixing (FWM) signals for a semiconductor superlattice in the presence of both static and high-frequency electric fields. When the exciton effect is negligible, the time-periodic field dynamically delocalizes the otherwise localized Wannier-Stark states, and accordingly quasienergy band structures are formed, and manifest in the FWM spectra as a series of equally separated continua. The width of each continuum is proportional to the joint width of the valence and conduction minibands and is independent of the Wannier-Stark index. The realistic homogeneous broadening blurs the continua into broad peaks, whose line shapes, far from the Lorentzian, vary with the delay time in the FWM spectra. The swinging range of the peaks is just the quasienergy bandwidth. The dynamical delocalization (DDL) also induces significant FWM signals well beyond the excitation energy window. When the Coulomb interaction is taken into account, the unequal spacing between the excitonic Wannier-Stark levels weakens the DDL effect, and the FWM spectrum is transformed into groups of discrete lines. Strikingly, the groups are evenly spaced by the ac field frequency, reflecting the characteristic of the quasienergy states. The homogeneous broadening again smears out the line structures, leading to the excitonic FWM spectra quite similar to those without the exciton effect. However, all these features predicted by the dynamical theory do not appear in a recent experiment [Phys. Rev. Lett. 79, 301 (1997)], in which, by using the static approximation the observed Wannier-Stark ladder with delay-time-dependent spacing in the FWM spectra is attributed to a temporally periodic dipole field, produced by the Bloch oscillation of electrons in real space. The contradiction between the dynamical theory and the experiments is discussed. In addition, our calculation indicates that the dynamical localization coherently enhances the time-integrated FWM signals. The feasibility of using such a technique to study the dynamical localization phenomena is shown.