Wes Hoolahan gave the U's the lead midway through the second half with a goal directly from a corner. Paddy Lane struck back ten minutes later to ensure the spoils were shared.
The result caps a fine January for Cambridge, who picked up three wins and two draws in EFL League One play.
Story of the match
On a blustery, windy day, Fleetwood looked to shoot as often as possible and a well-hit strike from Danny Andrew was denied by the U's goalkeeper.
The hosts continued to dominate proceedings, Carl Johnston's teasing delivery landing just past the post and Jack Iredale deflecting Shayden Morris' cross into Mitov's hands.
Following the restart, Brophy sent a lovely pass to Harrison Dunk, his powerful strike stinging the palms of Cairns, who managed to keep hold of it.
With the wind at their back in the second half, the visitors took the lead in the 66th minute as Hoolahan caught everyone out, the ball nestling inside the near post.
Seven minutes later, Fleetwood were level, Lane blazing a shot from 20 yards out that beat Mitov and found the top corner.
Just over ten minutes from time, Brophy led a two-on-one, finding Hoolahan, who looked to make a return pass that was cut out by the lone Fleetwood defender.
Okedina fouled Anthony Pilkington and from the ensuing free-kick, Andrew was unable to keep his shot down.
Cambridge nearly took advantage of sloppy play by the Cod Army,
Hoolahan feeding Paul Digby, whose effort was straight at Cairns.
Ellis Harrison's goal-bound shot deflected off Pilkington and landed the wrong side of the post, capping off a frustrating evening for Fleetwood.
Man of the match: James Brophy
He was strong with the ball and provided excellent service for his teammates throughout the match, setting them up in excellent positions.