A second half equaliser from Matt Richards and a late winner from Manny Smith saw the Dons denied a winning finish to the 2009/10 season despite young forward Daniel Powell giving the side from MK a half-time lead.
In a match that saw a young Dons side put up an admirable battle against Walsall's experienced team, defeat for the Dons was most definitely a harsh outcome although Chris Hutching's Saddlers did create a number of clear-cut opportunities before cancelling out Powell's strike aftert the interval.
It was an action-packed and exciting finish to the season for the Dons, who can be more than happy with their efforts this afternoon looking ahead to 2010/11.
As it happened:
90+ mins - That's it, its all over - Mr Wright blows his whistle to bring the Dons' 2009/10 campiagn to an end with a 2-1 defeat at Walsall.
90 mins - 3 minutes of time to be added on, giving the Dons just enough time to push for a point
89 mins - Substitution for Walsall with Clayton McDonald replacing Jones. 88 mins - The Dons show plenty of heart in search of an equaliser and a goalmouth scramble ensues after a Chicksen free-kick on the right. Easter is initially denied before McCracken's shot is cleared off the line and Gilmartin snatches the ball from the feet of Easter. ]
GOAL: WALSALL 2 MK DONS 1
85 mins - The Dons are unable to clear the resulting corner, allowing Jones to cross from the right, finding Smith in the centre where the big centre-half can bundle home from close range. Heartbreaking really for the Dons who have lead for the majority of the game and seen off plenty of other chances.
84 mins - A deep cross from Taundry finds Jones on the run and his header is acrobatically tipped over by Searle.
83 mins - A neat ball round the corner from Deeney puts Nicholls through on goal moments after coming on; he stumbles but manages to nudge the ball back to Deeney, who can only scuff a shot straight at Searle.
82 mins - The home side make their first change of the afternoon with Alex Nicholls replacing Byfield. 80 mins - The ball breaks to Richard Taundry on the edge of the Dons box, but his low shot is comfortably saved by Searle.
72 mins - Back at the Bescot, less than 20 minutes remain in the 2009/10 season and this game is genuinely there for the taking; both sides are still putting in plenty of effort to finish on a high, but which way the points will go remains to be seen.
70 mins - and then Jermaine Beckford makes it 2-1 to Leeds, putting promotion back in the hands of the Elland Road club - I can't keep up with this...
67 mins - Hold the phone - a ;Jonny Howson ;goal puts Leeds level and second for about five seconds before a Gordon Greer own goal at the Den puts Millwall 2-1 up over the Robins and into&nbsp;pole position for promotion - anything is possible...
66 mins - Big news elsewhere in League 1 with reports filtering through that Leeds are losing to Bristol Rovers, while Millwall and Swindon hold each other to a draw and Charlton lead 2-0, meaning that the Addicks would be promoted as it stands - this could be a dramatic last half hour to the 2009/10 season!
65 mins - A superb last-ditch tackle from Dean Lewington denies Byfield just as ther striker was lining up a right-foot piledriver. 63 mins - Deeney beats the offside trap and gets in behind the Dons back four, but no-one from the home side can keep up with his pace and his cross scuttles across the box for Davis to tidy up.
60 mins - Lewis Gobern enters the fray for the Dons, replacing Charlie Collins and joining Easter in attack.
57 mins - Darren Powell collects the first booking&nbsp;of the afternoon for a rugged challenge from behind on Byfield. GOAL: WALSALL 1 MK DONS 1
46 mins - Exactly the start to the second half the Dons were looking to avoid with the home side equalising; after a goalmouth scramble, the ball breaks to Matt Richards on the edge of the box, with the former Ipswich man curling his left foot shot around Searle and into the bottom right corner.
4.04pm - The referee blows his whistle and the last half of football this season commences.
HALF-TIME SUB: Sol Davis Replaces Mark Randall, with Luke Howell going into midfield in place of the Arsenal loanee Luke Chadwick in action for the Dons against Walsall
HALF-TIME: WALSALL 0 MK DONS 1 The Dons go into the interval holding a 1-0 lead thanks to a well taken goal from Daniel Powell on 26 minutes despite being under the kosh from the home side for long periods of the first half and having seen the Saddlers spurn a number of clear opportunities. In particular, Troy Deeney will have to carry the majority of the blame for the home side having yet to score, with at least two clear-cut chances falling his way - one which saw him head straight at Stuart Searle with the goal at his mercy. Going into their final 45 minutes of the season, the Dons can be delighted to hold that slender lead, but more solidity is required at the back if the last game of the campaign is to result in a three-point haul. Daniel Powell shows great composure to give the Dons the lead ahead of the half-time interval
HALF-TIME: WALSALL 0 MK DONS 1 45 mins - Just the one minute of stoppage time before a well-earned cup of tea at half-time.
43 mins - Jones' corner finds Hughes on the penalty spot, but under press from Darren Powell his volley goes over Searle's bar.
40 mins - A cross field ball puts Byfield in space and the former Gillingham man squirms past Randall, only to scuff his shot into the side netting.
39 mins - Half-hearted shouts for a penalty among the home fans as Byfield skins Howell, then goes down under the challenege of Luke Chadwick - nothing given by referee Mr Wright. 36 mins - Byfield heads over from close range after Smith's header back across the box from Gray's lofted corner.
33 mins - An excellent pass from Charlie Collins on the edge of the box gives Daniel Powell the chance to beat Hughes and shoot at goal, but his effort goes over the bar.
GOAL: Walsall 0 MK DONS 1
26 mins - A lightning counter attack from the Dons sends Easter through on goal; Gilmartin saves his shot with the ball bobbling horribly, but Daniel Powell keeps his nerve superbly to give the Dons the lead
25 mins - Gray cuts inside to beat Luke Howell and shoot past Searle, but Darren Powell is there to clear off the line
24 mins - Searle comes out of his goal brilliantly to deny Jones after a neat one-two with Deeney sends the former Crewe wideman through on goal.
17 mins - A third great chance for the home side as Jones cuts back from the byline to Deeney, who skies his effort high in the stand. 16 mins - End-to-end stuff: Chicksen cuts in from the right, onto his left foot, but his shot from 20 yards is easily saved by Gilmartin down to his right.
15 mins - Another good chance for Walsall, this time falling to Darren Byfield, but with Julian Gray's cross refusing to sit down he rather scuffs his volley from 10 yards and Searle collects easily.
14 mins - Troy Deeney has a clear header for the Saddlers from 10 yards after Steve Jones' cross from the right, but his effort is straight at Searle and the Dons keeper beats the ball away comfortably. 11 mins - Back at the other end, Mark Randall tries one from 25 yards, but his shot drfits wide with Rene Gilmartin rooted to the spot in the Walsall goal.
10 mins - The home&nbsp;fans are on the feet, but to no aveil; a left footed free kick from Matt Richards beats Stuart Searle, but hits the underside of the crossbar and bounces clear. The home side still think they have something to celebrate, but Mark Hughes' tap in on the rebound is disallowed for a foul.
7 mins - A neat link up with Adam Chicksen
allows Dean Lewington to get in behind the Walsall back four, but his shot from the angle - the first of the match - is blocked and cleared by Manny Smith
MK DONS: Stuart Searle, Dean Lewington (c), David McCracken, Darren Powell, Luke Howell, Adam Chicksen, Mark Randall, Daniel Powell, Luke Chadwick, Jermaine Easter, Charlie Collins ]SUBS: Sol Davis, Tom Flanagan, Lewis Gobern, George Williams, George Baldock, Harry Milton.
WALSALL: Rene Gilmartin, Mark Hughes (c), Manny Smith, Steve Jones, Troy Deeney, Richard Taundry, Darryl Westlake, Jamie Vincent, Matt Richards, Julian Gray, Darren Byfield.
SUBS: Netan Sansara, Alex Nicholls, Mark Bradley, Josh O'Keefe, Peter Till, Clayton McDonald, Clayton Ince.