The Bluebirds looked to be heading for victory after Joe Mason came off the bench to put them ahead on the hour mark against the run of play, when he converted Don Cowie's knock-down.
But veteran Blackpool striker Kevin Phillips, also a substitute, scored an equalising goal for the third successive game with a sublime volleyed finish in the 79th minute.
The turnaround was completed four minutes later when Matt Phillips also provided an astute finish from Roman Bednar's centre, and the points were made safe when the same scorer drove home in added time.
It was no more than Ian Holloway's side deserved as they bossed the majority of the play and registered a fourth win in the last five league games to move within two points of the high-flying Bluebirds.
It was an off-day for Malky Mackay's home side who were looking to keep the pressure on West Ham and Southampton, the top two in the Championship.
With only the Saints and Blues scoring more goals than these two sides ahead of today's fixtures, an open game looked on the cards.
But it took 20 minutes for the first real chance to materialise and Cardiff's David Marshall had to be alert to keep his side level and deny Nouha Dicko a debut goal.
Alex Baptiste made good progress down the right, whipped a cross in, and Dickoh connected well at the near post, forcing Marshall to superbly tip the ball over.
Blackpool continued to threaten when Stephen Crainey drilled a 25-yard free-kick over the wall, but Marshall was again equal to it.
Holloway would have been the happier of the two managers at half-time, but he was left disappointed with a piece of Dicko finishing when he found himself through on goal.
The hosts were on the attack, but Craig Conway's shot was blocked and Robert Fleck fed the on-loan Wigan striker, and with only Marshall to beat he dragged his weak effort wide.
Holloway was even more disappointed shortly after as Cardiff took an unlikely lead on the hour mark.
Andrew Taylor's cross found Cowie and his pinpoint header found Mason, who made no mistake from close range.
But, after his heroics against Sheffield Wednesday in the FA Cup last week and Coventry in the league in midweek, 39-year-old Kevin Phillips was the super-sub again as he found space to volley Blackpool level.
Four minutes later they were ahead when Matt Phillips, who was a constant threat throughout, superbly finished Bednar's low cross at the far post.
The win was made secure in time added on when the winger again finished with aplomb, after again being set free by Bednar.