Stuart McCall was made to wait further for his first win as Rangers manager as Liam Buchanan’s late strike consigned the Ibrox side to a fifth consecutive draw.
Nicky Clark looked to have given McCall his first three Championship points with two headed goals in five minutes at Ibrox.
But Buchanan got in behind to level in the 82nd minute and Alloa, who had taken the lead through Ben Gordon’s 53rd-minute header, held on for a draw and their third point against Rangers this season, to add to their Petrofac Training Cup semi-final win.
Rangers have now won just once in nine games and next bid to avoid a fourth consecutive defeat by Hibs with their play-off place starting to look precarious.
McCall made five changes following the home draw against Livingston, with goalkeeper Cammy Bell among the returning players following seven months out through injury.
Rangers started with an intensity that they have lacked in recent weeks and created a number of chances with Tom Walsh prominent in the five-man midfield.
However, Alloa reached half-time level and stunned the home fans eight minutes into the second half when Gordon glanced in Mark Docherty’s free-kick.
McCall sent on David Templeton and Jon Daly and the home side equalised on 72 minutes when Lee McCulloch’s shot came back off the bar and Clark netted the rebound.
The former Queen of the South star then headed Rangers in front from close range but Alloa levelled when Buchanan ran on to Ryan McCord’s through ball and clipped a shot over Bell.
Alloa sent on new signing Michael Chopra, the former Cardiff and Sunderland striker, in injury-time.
Rangers: Bell, McGregor, Zaliukas (Templeton 63), McCulloch, Wallace, Law, Murdoch, Walsh, Clark, Shiels, Boyd (Daly 69).Subs not used: Mohsni, Black, Miller, Robinson, Sinnamon.
Alloa: McDowall, Doyle, Gordon, Marr, Meggatt, Tiffoney (Flannigan 61), Holmes, Docherty (Benedictus 84), McCord, Cawley, Buchanan (Chopra 90). Subs not used: Gibson, Layne, Rutherford, Roberts.
Ref: Craig Charleston.