The visitors looked set for all three points when they went 2-0 up in the first half, but they buckled under pressure and could not contain Oldham's constant attacking threat.
Crewe has snatched a fluke lead after 13 minutes when Ryan Lowe tried to pick out strike partner Lee Barnard with a pass through the middle.
Oldham keeper Mark Crossley dashed off his line to clear, but his kick from just outside the box cannoned into Barnard and bounced back into the net.
Steven Schumacher set up Byron Moore as Crewe doubled their lead after 26 minutes and created what appeared to be a winning position.
Schumacher's pass was collected by teenager Moore 14 yards out and he finished with style with his left foot.
Oldham almost responded straight away through Jean-Paul Kalala and they snatched a crucial life line before the break thanks to midfielder Mark Allott.
Chris Taylor crossed from the left and after Michael Ricketts headed back, Allott fired in from the edge of the box to beat keeper Ben Williams just inside his right hand post.
The goal was all the encouragement Oldham needed and they penned their opponents back for most of the second half.
Barnard forced Crossley into a good save but there were chances at the other end for Craig Davies, Ricketts and Taylor.
The equaliser came on 83 minutes when Taylor crossed to Matthew Wolfenden, who guided his header past the valiant dive of Williams from eight yards, registering his first league goal.
Schumacher squandered an opening for Crewe moments later and they were punished just a few seconds from full-time when Davies burst into the box and fed Kilkenny for a superb drive into the bottom corner from 18 yards.