A dramatic and action-packed encounter at Hillsborough saw the Dons eventually claim a crucial point despite finishing with nine men and surviving a late siege on their defence.
First half goals from Peter Leven and Daniel Powell had put a famous win within the grasp of Karl Robinson's team, but the dismissal of Gary MacKenzie before the interval gave the Owls the boost they needed to go on and haul the game back to a two all draw thanks to second half goals from Neil Mellor and Clinton Morrison.
And it could have been even worse for the men from MK, with Leven's afternoon ruined by late sending off that meant Robinson's team finished the afternoon with nine men, meaning that a point, all in all, was well worth celebrating.
Jabo Ibehre tussles for the ball during today's game
The hosts made a bright and imposing start, first with Gary Madine stretching to reach a cross from Daniel Jones and forcing an uncomfortable save from Dons keeper David Martin, who eventually grabbed the ball at the second attempt with just seven minutes on the clock.
Five minutes later and Clinton Morrison ewas in position for his first chance of the day, heading wide from a dangerous&nbsp;Jones&nbsp;cross.
However, perhaps against the run of play, it was the Dons who opening the scoring after 16 minuts, with Keanu Marsh-Brown racing through on goal to collect a pass from Luke Chadwick, only to be hauled down for a penalty by the Owls' keeper Arron Jameson.
That gave Leven the chance to score from the spot, which he did comfortably, slotting the ball into the bottom right corner.
Keanu Marsh-Brown is hauled down for the penalty
Ten minutes later and the Dons doubled their lead with Marsh-Brown again causing problems, this time on the left wing, before finding Daniel Powell eight yards from goal, where the young Dons forward reacted brilliantly to poke the ball past Jameson and into the bottom right corner.
Having gone two goals behind, the home side seemed shell-shocked, while the Dons continued with composure and confidence - however, it was was all to change when Gary MacKenzie saw red after fouling Clinton Morrison just over the half way line and collecting his second caution of the day.
That dismissal rallied the Owls, but with the Dons seeing it through to half time with their lead in tact, a dramatic second period looked on the cards and so it proved to be.
Daniel Powell celebrates his goal during the first half
After the interval the Dons resumed in an organised and disciplined manner and looked like they might just keep their hosts at bay for a famous victory.
Unfortunately, it wasn't to be and after Clinton Morrison had spurned two decent opportunites, it was former Liverpool front man Mellor who halved the deficit, racing onto a pass from Giles Coke to slot past Martin and into the net after 68 minutes.
That goal gave the hosts the boost they needed and with the crowd behind them they laid seige to the Dons goal.
With the pressure building Mellor saw a powerful shot blocked behind and from the subsequent corner Reda Johnson climbed highest to nod down for Clinton Morrison, with the Irish international forward turning the ball past Martin and into the net for two goals apiece with eight minutes left on the clock.
Dons captain Dean Lewington battles with Neil Mellor
As the game entered the last five minutes, it looked as though matters might get worse for the visiting Dons who were reduced to nine men when Leven received his second yellow card for a foul on Jones as the Owls full back raced through on goal.
However, despite more pressure from the home team, and a thunderous effort from distance by Jermaine Johnson that forced a save from Martin, the Dons were able to hold on and claim a valuable point to keep their run of points on the road in tact and keep them&nbsp; level with fourth-placed Southampton.
SHEFF WEDS (4-4-2): Jameson, Buxton, M Morrison, R Johnson, Jones, J Johnson, Coke, O'Connor, Teale (Heffernan 46), C Morrison, Madine (Melllor 46)
SUBS NOT USED: O'Donnell, Spurr, Reynolds, Beevers, Sedgwick
GOALS: Mellor 69, C Morrison 83
BOOKED: Jameson, Buxton, M Morrison, C Morrison
MK DONS: (4-4-2): Martin, Woodards (Chicksen 54), MacKenzie, Kouo-Doumbe, Lewington, Marsh-Brown (Guy 62), Gleeson, Leven, Chadwick, Powell (Stirling 82), Ibehre
SUBS NOT USED: Searle, G Baldock, Amoo, Vine
GOALS: Leven (pen) 18, Powell 27
BOOKED: Kouo-Doumbe, Lewington, MacKenzie, Stirling
SENT-OFF: MacKenzie (41), Leven (85)
Referee: Mr Danny McDermid