Dean Bowditch scored a 90th-minute equaliser for promotion-chasing MK Dons to deny Shrewsbury victory.
Angelo Balanta slotted in from 12 yards to fire the Dons ahead just before the break.
Town then struck twice, Marvin Morgan setting up Luke Rodgers to level with his first goal since returning to the club, before Mark Wright curled home.
But Dons rescued a late point when Bowditch fired in from the edge of the box.
The visitors had not conceded a league goal since 23 October in a four-match winning run.
But they were given a real test by a Town side visibly lifted by Saturday's first win in seven matches at home to Crewe.
After creating the majority of the first-half chances, Rodgers, Luke Summerfield, Jon Taylor and Morgan all going close, Town were stung by the Dons' opener on the stroke of half-time.
Bowditch delivered a square ball in from the right and the unmarked Balanta sidefooted in from 12 yards.
Shrewsbury had been indebted to one first-half save from Chris Weale, whose alertness denied Luke Chadwick after he had been slipped in by Darren Potter.
But, if Graham Turner's team had been unlucky to trail at the break, they truly managed to up the gears after the restart.
After Rodgers had gone so close to connecting to one dangerous Morgan cross, he then finally benefited from one of his strike partner's assists.
On 65 minutes Morgan's persistence paid off with a forceful run that took him round visiting keeper David Martin and he unselfishly pulled the ball back from the byeline for Rodgers to hammer into the roof of the net.
And, on 72 minutes, the game was turned on its head when, after referee Darren Drysdale had played a good advantage after a foul on Rodgers, Richards found Wright, who made space for himself before curling home a stunning right-footer against his former club.
But the Dons, who left Town old boy Ryan Lowe on the bench, had the last word when Bowditch stretched the visitors' unbeaten run to seven matches.
VIEWS FROM THE DRESSING ROOM
Shrewsbury Town manager Graham Turner told BBC Radio Shropshire:
"It's an absolute travesty that we haven't taken the three points, but you can at least see the confidence starting to come back into the team.
"Marvin Morgan and Luke Rodgers have done well together again and could be the basis for us to start getting out of trouble.
"Mark Wright's goal was the sort of thing we know he can do and he's capable of contributing more."
MK Dons manager Karl Robinson told BBC Three Counties:
"I'm relieved, to be totally honest. We were steamrollered for 60 minutes of that game. They deserved all three points and we didn't deserve anything.
"Their two forwards, Rodgers and the big boy, worked their socks off. To do that for 90 minutes you have to take your hat off to them and I went and shook both their hands at the end.
"In the end, we rescued it from the jaws of defeat with Dean Bowditch's goal. But he's capable of that. He's a tremendously gifted footballer. He set one up and scored one."
Live Text Commentary
Full Time The match has reached full-time.90:00 +4:01
Free kick awarded for an unfair challenge on David Martin by Darren Jones. Direct free kick taken by David Martin.90:00 +3:18
Luke Rodgers fouled by Antony Kay, the ref awards a free kick. Direct free kick taken by Mark Wright.90:00 +2:29
The assistant referee signals for offside against Luke Rodgers. David Martin takes the free kick.90:00 +1:34 Goal scored
Goal! - Dean Bowditch - Shrewsbury 2 - 2 MK Dons Dean Bowditch grabs a goal from just outside the area to the bottom right corner of the goal. Shrewsbury 2-2 Milton Keynes Dons.89:33
Handball by Stephen Gleeson. Joe Jacobson restarts play with the free kick.88:39
The official flags Charlie MacDonald offside. Free kick taken by Chris Weale.86:52
Alan Smith fouled by Matthew Richards, the ref awards a free kick. Shaun Williams takes the direct free kick.84:36
Chris Weale restarts play with the free kick.84:36 Booking
Booking Charlie MacDonald is shown a yellow card for unsporting behaviour.84:21
Foul by Charlie MacDonald on Chris Weale, free kick awarded.83:23
The ball is delivered by Jermaine Grandison, Shaun Williams makes a clearance.82:23
Joe Jacobson takes the direct free kick.82:23 Booking
Booking Alan Smith receives a yellow card for unsporting behaviour.81:59
Foul by Alan Smith on Joe Jacobson, free kick awarded.80:59
The ball is swung over by Jon Otsemobor, Darren Jones manages to make a clearance.80:46
Dean Bowditch crosses the ball, clearance made by Julian Bennett.79:58
Dean Bowditch takes a shot. Luke Summerfield gets a block in. Outswinging corner taken from the right by-line by Dean Bowditch, clearance made by Luke Summerfield.79:32
The assistant referee flags for offside against Jon Taylor. Indirect free kick taken by Shaun Williams.78:37
Shaun Williams produces a right-footed shot from just outside the penalty box that misses to the left of the goal.
Free kick awarded for a foul by Matthew Richards on Charlie MacDonald. Direct free kick taken by Shaun Williams.73:56 Substitution
Substitution Charlie MacDonald is brought on as a substitute for Luke Chadwick.73:44
Luke Rodgers has an effort at goal from outside the area which goes wide left of the target.71:33
Matthew Richards provided the assist for the goal.71:33 Goal scored
Goal! - Mark Wright - Shrewsbury 2 - 1 MK Dons Mark Wright fires in a goal from just inside the penalty area to the bottom right corner of the goal. Shrewsbury 2-1 Milton Keynes Dons.68:14
Jon Taylor concedes a free kick for a foul on Adam Chicksen. David Martin takes the direct free kick.66:38
Free kick awarded for a foul by Stephen Gleeson on Mark Wright. Joe Jacobson takes the direct free kick.65:34
The ball is swung over by Marvin Morgan.64:03
Assist on the goal came from Marvin Morgan.64:03 Goal scored
Goal! - Luke Rodgers - Shrewsbury 1 - 1 MK Dons Luke Rodgers scores a goal from inside the area high into the middle of the goal. Shrewsbury 1-1 Milton Keynes Dons.61:26
The offside flag is raised against Luke Rodgers. Indirect free kick taken by David Martin.59:40
Jermaine Grandison gives away a free kick for an unfair challenge on Dean Bowditch. Direct free kick taken by Shaun Williams.59:09
Luke Chadwick produces a right-footed shot from deep inside the penalty area which goes wide of the right-hand post.57:16 Substitution
Substitution (Milton Keynes Dons) makes a substitution, with Daniel Powell coming on for Angelo Balanta.57:16 Substitution
Substitution Dean Lewington goes off and Adam Chicksen comes on.56:59
The ball is delivered by Matthew Richards, clearance made by Antony Kay.56:31
Matthew Richards takes a outswinging corner from the left by-line played to the near post, clearance by Alan Smith.54:58
The referee blows for offside. Shaun Williams takes the free kick.54:07
Free kick awarded for a foul by Matthew Richards on Luke Chadwick. Direct free kick taken by Alan Smith.53:39
The ball is sent over by Marvin Morgan.52:27
Angelo Balanta produces a cross.50:30
The offside flag is raised against Luke Rodgers. Indirect free kick taken by David Martin.49:34
The assistant referee signals for offside against Marvin Morgan. David Martin restarts play with the free kick.48:58
Unfair challenge on Jon Taylor by Dean Lewington results in a free kick. Matthew Richards restarts play with the free kick.46:45
The referee penalises Luke Summerfield for handball. Stephen Gleeson takes the direct free kick.46:28
The ball is swung over by Jon Taylor, clearance made by Shaun Williams.45:40
Jon Taylor produces a cross, clearance by Shaun Williams.45:01
The referee gets the second half underway.45:00 +1:28 Half time
Half Time The referee calls an end to the first half.45:00 +0:44
The ball is swung over by Joe Jacobson.44:14
Dean Bowditch provided the assist for the goal.44:14 Goal scored
Goal! - Angelo Balanta - Shrewsbury 0 - 1 MK Dons Angelo Balanta gets on the score sheet with a goal from deep inside the penalty box to the bottom left corner of the goal. Shrewsbury 0-1 Milton Keynes Dons.41:40
Inswinging corner taken from the right by-line by Shaun Williams, Luke Summerfield manages to make a clearance.41:23
Alan Smith takes a shot. Blocked by Darren Jones.41:08
Dean Lewington delivers the ball, Darren Jones makes a clearance.39:36
Marvin Morgan takes a shot. Save made by David Martin.35:47
Darren Jones takes a shot. Save by David Martin.35:11
Free kick awarded for a foul by Dean Bowditch on Joe Jacobson. Joe Jacobson takes the free kick.34:07
Cross/shot by Marvin Morgan, save by David Martin.31:06
The official flags Luke Chadwick offside. Chris Weale takes the indirect free kick.30:10
Centre by Jon Taylor, Shot by Luke Summerfield from outside the box goes high over the target.29:47
Luke Chadwick takes a shot. Save made by Chris Weale.28:49
Luke Summerfield crosses the ball.28:25
A cross is delivered by Jon Taylor, clearance made by Jon Otsemobor.26:32
Corner taken by Jon Taylor from the right by-line played to the near post, clearance made by Alan Smith.26:19
The ball is crossed by Mark Wright, blocked by Stephen Gleeson.24:08
Dean Bowditch gives away a free kick for an unfair challenge on Joe Jacobson. Direct free kick taken by Chris Weale.23:28
Angelo Balanta sends in a cross, clearance made by Joe Jacobson.22:21
Corner taken by Matthew Richards, Darren Jones takes a shot. David Martin makes a save.22:10
The ball is delivered by Luke Rodgers, Shaun Williams gets a block in.21:35
Angelo Balanta takes a shot. Save by Chris Weale.19:30
Dean Bowditch produces a cross.15:23
Foul by Dean Lewington on Jon Taylor, free kick awarded. Direct free kick taken by Matthew Richards.14:24
Luke Rodgers is flagged offside by the assistant referee. Free kick taken by Antony Kay.10:37
The ball is delivered by Shaun Williams.10:17
Corner taken short by Shaun Williams.9:57
Luke Chadwick takes a shot. Blocked by Julian Bennett.7:54
Free kick awarded for a foul by Jon Taylor on Stephen Gleeson. David Martin takes the direct free kick.4:28
Angelo Balanta takes a shot from a long way out which goes wide of the right-hand post.3:30
Luke Rodgers concedes a free kick for a foul on Shaun Williams. Free kick taken by David Martin.1:19
The referee gives a free kick against Alan Smith for handball. Chris Weale takes the direct free kick.0:00
The game begins.
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