Chris Willock gave the U's a 26th-minute lead before Gary Madine converted from the penalty spot for the Tangerines.
Story of the match
Blackpool thought they had taken the lead just six minutes into the match. A corner played in was headed by Gary Dougall with Madine touching it home only to see the linesman flag him for offsides.
The Tangerines appealed for a penalty on 20 minutes when Jordan Gabriel was brought down in the area, but the referee waved play on.
Six minutes later, QPR were in front. Ilias Chair touched the ball to Willock down the left, he cut inside and beat Dan Grimshaw at the right post from 20 yards out.
Hoops goalkeeper Seny Dieng saw his first real action in the 31st minute when he denied Marvin Ekpiteta at point-blank range.
Five minutes before halftime, James Husband sent one flying over the bar as the hosts continued to ask questions of the QPR defense.
In the 54th minute, the Tangerines grabbed an equalizer as Husband played the ball for the overlapping Gabriel, who was brought down by the onrushing Dieng.
Madine stepped up to the spot and smashed his shot past Dieng and into the bottom corner.
Just past the hour mark, he came close to putting the hosts in front, latching on to a ball over the top before dragging his shot wide.
Both sides had a chance for a late winner, Sonny Carey clipping the edge of the right-hand post for Blackpool while Albert Adomah fired just past the upright for QPR.
A minute from time, Dieng was alert to prevent an own goal by Osman Kakay as the contest finished with honors even.
Man of the match: Gary Madine
He brought Blackpool level and very nearly added a second, looking dangerous throughout the match. The striker was calm and composed when stepping up to the penalty spot to ensure the points were shared.