Caley Thistle took the lead three times through goals from Graeme Shinnie, Nick Ross and Danny Williams but Killie found an equaliser on each occasion with strikes from Nathan Eccleston, Craig Slater and Tope Obadeyi.
The hosts took the lead on 17 minutes when Shinnie rifled Marley Watkins’ knock down into the bottom right corner with his left foot.
Their lead was short-lived however as Killie drew level just two minutes later when recent signing Eccleston blasted into the bottom left corner.
John Hughes’ side retook the lead just after the half-hour mark when Ross slid home Watkins’ cross from close range after good combination play down the left from Shinnie and Ryan Christie.
Killie got themselves level right before half-time when Slater beat Ryan Esson with a cracking free-kick from 30 yards out.
The hosts got back in front soon after break with a sensational goal from Williams as he found the top right-hand corner from all of 30 yards out with his left foot.
But Killie equalised for the third time in the game when Obadeyi fired the ball into the roof of the net after a superb run on the hour mark.
Caley Thistle now trail Aberdeen by five points but are now seven ahead of fourth-place Dundee United, with positions two and three offering places in Europe next season, while Kilmarnock remain eighth.