Nathan Delfouneso struck late to deny Bolton and ensured Michael Appleton avoided defeat in his first game as Blackpool manager.
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Mark Davies put the visitors ahead but it was all square after 19 minutes when Blackpool's England Under-21 international winger Tom Ince superbly brought up his third goal in as many matches.
A pleasingly open game produced a host of chances as each side pressed for the win, and it was Wanderers who landed a telling blow in the 71st minute when Lee Chung-yong converted Chris Eagles' cross.
But on-loan Aston Villa striker Delfouneso, on for the injured Gary Taylor-Fletcher at the interval, pounced nine minutes from time when Bolton failed to deal with Stephen Crainey's free-kick.
Blackpool and Bolton remain 12th and 17th respectively in the npower Championship and are separated by two points.
Appleton, installed at Bloomfield Road on Wednesday evening after Ian Holloway left to succeed recently-appointed Bolton boss Freedman at Crystal Palace last weekend, opted not to alter the Blackpool XI that recorded a first win in six games at Sheffield Wednesday in midweek.
Kevin Phillips and Ian Evatt returned to the bench following injury and suspension respectively.
David Ngog, who scored the winner before being sent off in Freedman's first game at the helm against Cardiff last weekend, was restored to the starting line-up alongside on-loan Liverpool midfielder Jay Spearing and winger Martin Petrov.
Ngog had the ball in the net early on but was flagged offside when applying the finish to Sam Ricketts' cross.
Blackpool left-back Crainey was allowed to venture forward as Petrov neglected his defensive duties and Elliot Grandin smashed the resulting centre over.
Davies gave Bolton a 16th-minute lead, collecting the loose ball to slot home after Alex Baptiste's interception to deny Ngog.
The response was instant and magnificent as Ince cut in from the right flank and curled beyond the helpless Adam Bogdan from 25 yards.
Craig Cathcart had the opportunity to send Blackpool in ahead at the break but was off target when he met Matt Phillips' corner unmarked
Petrov thrashed a volley over from Davies' chipped pass early in the second period and the end-to-end feel remained as Wanderers captain Zat Knight did well to clear following a jinking run from Matt Phillips.
Lee was introduced in place of Petrov shortly before the hour and shortly afterwards Blackpool midfielder Chris Basham might have punished his former club for further slack set-piece marking.
Ince was agonisingly close to finding the decisive touch when Crainey collected an excellent Sylvestre pass and flashed narrowly wide of the far post in the 65th minute, before Bolton led slightly against the run of play.
Davies picked out Eagles on the right flank and his cross was met by a sliding Lee to cap a fine team move.
Having led for three minutes in the first-half, Wanderers managed 10 this time around before Kevin Phillips knocked down Crainey's set-piece for fellow substitute Delfouneso to net for the first time in nine appearances.
Phillips almost snatched the points for Blackpool but Bogdan atoned for poor positioning by palming over, while Bolton's Kevin Davies came on to make his 600th career appearance in the closing minutes.