Matt Ritchie's first Premier League goal since 2020 earned Newcastle a dramatic point and denied Bournemouth their first top-flight victory of 2024.
Eddie Howe's team were trailing going into added time, but second-half substitute Ritchie converted from close range after the visitors failed to adequately deal with Bruno Guimaraes' inswinging delivery.
Bournemouth will be deeply frustrated not to have claimed all three points at St James' Park after twice taking the lead in an entertaining and, at times, chaotic second period.
Dominic Solanke capitalised on a Martin Dubravka slip to break the deadlock, only for Newcastle to equalise seven minutes later through Anthony Gordon's contentious penalty.
Antoine Semenyo appeared to have earned Bournemouth their first league victory since 26 December with a thunderous finish from the corner of the penalty area, but veteran winger Ritchie had the final say against his former club.
"I probably shouldn't have celebrated as much as I did because we needed to push for a win," Ritchie said. "I'm 34, not 25 now, but I'm still full of love for the game.
"When you haven't played and haven't scored, you miss that feeling. It's one of those things that keeps you going - scoring a goal, especially at that end of the stadium.
"I'm delighted to get the goal and the equaliser but frustrated that we didn't perform to the levels we know we can."
Newcastle stay seventh in the table, while Bournemouth move nine points clear of the bottom three.
Ritchie rescues fragile Newcastle
Manchester United's pursuit of Newcastle sporting director Dan Ashworth has dominated the headlines on Tyneside this week, with Howe saying on Friday that he wants a "quick resolution" to the issue.
The fear is that speculation over Ashworth, who was in attendance on Saturday, could have a destabilising effect on Howe's team as they seek an immediate route back into Europe this season.
Two wins and a draw from their previous three league games had lifted Newcastle back into the top seven, but they were indebted to goalkeeper Dubravka in the first half as their defence was repeatedly stretched by Bournemouth's attack.
Dubravka's luck deserted him for the visitors' opener, the Slovakia international losing his footing and gifting Solanke an easy tap-in - moments after Miguel Almiron had blazed over the crossbar for Newcastle.
Newcastle's penalty was awarded following a lengthy review by the video assistant referee (VAR), which centred on whether Adam Smith's tug on Fabian Schar's shirt was inside the box and if the Switzerland international had been in an offside position.
Referee Michael Salisbury eventually pointed to the spot and Gordon made no mistake, beating Neto low to his left.
Bournemouth remained a threat, however, and Semenyo's strike - the 12th goal Newcastle have conceded in their past four home matches - left the hosts staring at the prospect of a third home defeat in four top-flight games.
But Ritchie, who has been reduced to a bit-part player since Newcastle's Saudi Arabia-backed takeover in 2022, salvaged a point from close range.
Despite looking the more accomplished of the two teams early on, Bournemouth were given a huge let-off inside 10 minutes when Neto's attempted clearance struck the onrushing Gordon and bounced past his left-hand post.
They could have gone in front moments later, though, as Dubravka saved well from Marcus Tavernier before twice denying Solanke from close range.
There was an element of fortune about Solanke's opener but the striker's 14th league goal of the season was no less than Andoni Iraola's team deserved.
The Bournemouth boss was unhappy with the decision to award Newcastle a penalty soon afterwards, believing that Schar was offside - and interfering with play - while his shirt was being pulled by Smith.
"It's an offside position," Iraola told BBC Match of the Day. "My player grabs him because he's offside and going to go for the ball.
"It's a very, very soft foul. At set-pieces, people grab players [all the time] and nobody's giving anything - but we have to accept it."
Bournemouth responded well to Gordon's effort, and Semenyo's fourth goal of the season left them on course for their first league double over Newcastle - but they could not see the game out.
The Cherries have now lost 19 points from winning positions in the top flight this season - only Brentford, with 26, have lost more.
Bournemouth host champions Manchester City on 24 February but, with matches against Burnley, Sheffield United and Luton in the next few weeks, Cherries fans will be confident of seeing their team return to winning ways sooner rather than later.