Mathias Doumbe’s 28th-minute header cancelled out Jason Kennedy’s early opener for Dale, who maintained their unbeaten away record in League One.
Kennedy put Rochdale ahead in the 20th minute when he seized upon Angelo Balanta’s poor defensive header and fired the ball past keeper David Martin from 10 yards.
Doumbe equalised for the Dons eight minutes later with an acrobatic diving header from Peter Leven’s corner.
Dons striker Jermaine Easter had a goal ruled out for handball at the end of an evenly-contested first half.
Milton Keynes dominated the second half and Dale keeper Josh Lillis was quick off his line to save at the feet of Lewis Guy.
Rochdale skipper Gary Jones saw his long-range shot acrobatically tipped over the bar by Martin at the other end.
Easter should have won it for the Dons at the death but he planted a free-header wide from Balanta’s perfect cross.