Three goals in an incredible five minute spell from Kenny Irons and Martin Smith (two) were not enough to earn Huddersfield the points.
The Terriers were 2-0 down at the break but produced a magnificent second-half fight back and looked on course to register their third win in four games but had to settle for a point in this thrilling end-to-end match.
Irons curled in a wicked 20-yard free kick on 56 minutes to bring the home side into the match and then two brilliant volleys from Smith on 56 and 59 minutes appeared to have given Huddersfield the edge.
But the game turned on the 70th minute when Smith crashed another wonderful volley onto the post and Cheltenham picked up the ball and stormed to the other end to equalise through Grant McCann.
McCann blasted low underneath substitute keeper Phil Senior having earlier put the visitors ahead on 37 minutes by tapping in from close range after Julian Alsop had left first choice keeper Scott Bevan injured challenging for a cross.
Bevan, struggling to shake off the groin injury he had just picked up, was chipped by Alsop on 40 minutes as Cheltenham looked on course to register only their second win in 11 games.
But Huddersfield boss Mick Wadsworth pulled off a masterstroke at the break by bringing on flying winger John Thorrington at the interval and the US international provided the fire power for the Terriers fight back.
Thorrington was upended by Mark Yates nine minutes after half time and Irons stepped up to bring Town back into it.
And then two devilish Thorrington crosses were athletically volleyed by Smith into, first the right and then the left hand corners of Steve Book's net.
Visiting manager Bobby Gould looked on and applauded the quality of those strikes and said afterwards: "Those strikes were truly magnificent and I have a lot of admiration for the way Smith came alive in the second half.
"I have been out of football for a long time and it's that sort of thing I have been really missing." Mick Wadsworth also praised his frontmen but scorned his defenders.
"We attacked like Real Madrid at times but defended like the dog and duck," Wadsworth said.
"When you get your nose in front like that then it is really disappointing not to have won."