The Latics dominated the first half with some strong defending and some attractive attacking play, but three quick goals after the break hauled them back and they had to play the last 20 minutes with ten men.
Full-back Neal Eardley hit the home bar on 14 minutes after cutting inside from the right and six minutes later Oldham got the goal their enterprising play had been threatening.
After a short corner, Danny Whitaker crossed from the right and Lee Hughes headed into the top corner from six yards.
Pools felt they should have had a penalty on the half-hour when Eardley's challenge in the area sent James Brown sprawling, but play was waved on and a minute before half-time it was 2-0.
In a flowing move from their own half, Oldham cut Hartlepool apart and when Andy Liddell's low right-wing cross was parried by keeper Arran Lee-Barrett, Chris Taylor was at the far post to force the ball in.
There was an amazing start to the second half, the first three to Hartlepool as they turned the game on its head by taking the lead.
Andy Monkhouse headed the first on 47 minutes and a minute later Antony Sweeney levelled with another header.
Joel Porter earned the lead from the spot on 52 minutes after Sean Gregan had pulled Brown back in the area, but on 57 minutes Oldham came back as Taylor's low shot from the edge of the area on the left was deflected off Jamie McCunnie's ankle, sending Lee-Barrett the wrong way before rolling into the corner.
Oldham skipper Gregan was sent off with 20 minutes left for a last-man foul on Richie Jones, but they held on for a point in a finish just as hectic as the rest of the game had been.