Late goals by substitutes Michael Deland and Damon Gray handed Berwick a draw and denied Alloa the chance to go top of the Third Division.
After a cagey first half, Alloa went ahead just before half-time when Ryan McCord got on the end of Kevin Cawley's through ball to slot under Jamie Barclay for the opener.
The Wasps doubled their lead on the hour mark when Stephen May grabbed his first goal of the season with a low strike from the edge of the area.
But Berwick began to turn the screw late on and Deland stole away at the back post to prod Kevin McDonald's corner into the net to set up a grandstand finish.
And the comeback was complete when fellow substitute Gray latched onto Stuart Noble's pass and stroked home the equaliser with just six minutes left.
Berwick: Barclay, Notman, McLean, Townsley, Thompson, Greenhill, Currie, McDonald, Lavery (Deland 58), Gribben (Damon Gray 63), Noble. Subs Not Used: Wood, Elliot Smith, Ponton.
Goals: Deland 78, Damon Gray 84.
Alloa: Bain, Michael Doyle, Gordon, Harding, Docherty, Ryan McCord, Young, Holmes (Winters 76), O'Brien (One 46), May (Campbell 75), Cawley. Subs Not Used: McDowall, McCullagh.
Goals: Ryan McCord 44, May 61.
Ref: Crawford Allan