Neil Critchley’s side went into the break two goals down, but a Sonny Carey brace inside the opening five minutes of the restart saw the Seasiders pull level.
A Shayne Lavery strike did put the visitors ahead, before Jack Marriott equalised in the closing stages with his second goal of the night.
Blackpool had the first clear chance of the game, with Jordan Rhodes smashing the crossbar with an effort from the edge of the box.
Meanwhile, Sonny Carey forced a save from Jay Lynch, after producing a fierce shot from distance.
Down the other end, Dan Grimshaw was also worked a couple of times, before Fleetwood opened the scoring in the 14th minute.
The visitors couldn’t stop Promise Omochere as he made a powerful run down the right side, with the midfielder finishing off the move with a left-footed finish.
A second goal soon followed for the home side, after another piece of poor defending.
Following a free kick into the box, a close-ranged shot from Omochere was initially parried by Grimshaw, with Marriott waiting to score on the rebound.
It could’ve 3-0 but for the Blackpool keeper- who did well to deny Fleetwood with his feet.
Critchley’s side came close to pulling one back on a couple of occasions in the first half, with Kenny Dougall having a shot from distance saved, while Carey saw an effort deflected wide of the target.
After the break, Blackpool didn’t have to wait too long to find the back of the night, and were level at 2-2 within five minutes of the restart.
Carey was on hand on both occasions on the edge of the box.
The midfielder curled his first goal into the bottom corner, before smashing the second one past Lynch.
With momentum truly swinging in Blackpool’s favour, the Seasiders took the lead in the 66th minute.
Rhodes played the ball through to half substitute Shayne Lavery, who slotted past the keeper at the front post.
The Northern Ireland striker certainly made a positive impact off the bench, alongside the in-form Karamoko Dembele.
In the final minute of normal time, Fleetwood pulled themselves level, with Marriott beating Grimshaw with a superb strike from the edge of the box.
Blackpool did have a late opportunity to snatch all three points, but the ball was just about cleared off the line following a great save by Lynch.
Here’s how the Seasiders performed:
1. How did the Seasiders perform?
Here are our ratings for the game against Fleetwood Town? Photo: Lewis Storey
2. Dan Grimshaw- 5
Dan Grimshaw would've been disappointed with the second goal. Despite the initial effort coming from close-range, he should've been doing better- with his save going straight into the path of Jack Marriott. The 25-year-old did make a big stop with the his feet later in the first half, to stop the home side from going 3-0 up. Photo: CameraSport - Lee Parker
3. Matthew Pennington- 5
Blackpool will be disappointed with the nature of the goals they conceded. The second in particular was really poor, with a free kick into the box simply not dealt with effectively. Critchley's side looked far more solid after the break, despite conceding late on. Photo: CameraSport - Andrew Kearns
4. Marvin Ekpiteta- 5
Marvin Ekpiteta's night was summed up at one point during the second half. He cheaply lost the ball in a dangerous position, before producing an excellent tackle to recover. It was certainly hit and miss from the defender on his return to the starting line-up. Photo: CameraSport - Dave Howarth
5. James Husband- 6
Like his defensive colleagues, James Husband will be disappointed with the space given to Fleetwood in the first. Things proved to be far more positive at the back after the break, before the Seasiders were pegged back by the late equaliser. Photo: CameraSport - Dave Howarth
6. CJ Hamilton- 6
CJ Hamilton is always going to cause trouble with his pace, but his decision making and final product wasn't good enough at times. There was also a bizarre piece of defending towards the end of the first half. Photo: CameraSport - David Horton