Thistle broke the deadlock on 18 minutes when Christie Elliot’s clever footwork forced a clumsy challenge inside the box from Jake Hastie. Kris Doolan scored the resulting spot-kick.
But the Wasps hit back after an incredible solo run from Alan Trouten who then crossed for Kevin Cawley to tap in from six yards.
The topsy-turvy encounter took another twist before the break when Blair Spittal restored Thistle’s lead with a half-volley that thundered past goalkeeper Neil Parry, Spittal reacting first after his free-kick had been blocked.
Alloa, though, refused to buckle and they hit back for a second time 12 minutes after the restart when Dario Zannatta drilled in from 25 yards, giving Jamie Sneddon in the Thistle goal no chance.
There were chances at either end in the closing stages but neither side could add to the scoring.