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Blackpool grew into the game however and deservedly scored in the 29th minute, Elliot Grandin's corner was whipped in and Ian Evatt headed past Jussi Jaaskelainen at the near post.
The visitors worked hard and continued to frustrate Bolton with some fantastic football and Charlie Adam went close to doubling their lead with a fine effort from just over the halfway line, his dipping effort just clearing the bar.
The Seasiders got their second in the 57th minute in similar fashion to their first, but this time it was Luke Varney who got his head to Grandin's corner.
It was all Blackpool as they saw chance after chance missed as they could not find a third as they ran Bolton ragged in defence.
The introduction of Martin Petrov livened up the home side and the substitute pulled one back in the 76th minute, turning and shooting into the top right-hand corner after receiving the ball from Mark Davies.
Bolton threw themselves forward in search of an equaliser and got their reward with just a minute to go with a fantastic team goal.
Kevin Davies passed to Ivan Klasnic in the area and the substitute backheeled to Mark Davies who hammered the ball home.
The point means Bolton remain fifth in the table while Blackpool move two places up to 10th.