Trailing to Elliot Bonds' 12th minute opener, Mo Eisa fired Dons level in first-half stoppage time, before firing the hosts in front just before the hour-mark from the penalty spot.
Jamie Cumming then denied May from the spot after Jack Tucker’s foul on Aidan Keena, but May would deliver the cruel blow deep into stoppage time to salvage a point for Wade Elliott’s men.
Here’s how we rated the players in an enthralling game at Stadium MK.
. MK Dons celebrating Mo Eisa's equaliser
Mo Eisa bagged a brace against his former club on Saturday during the 2-2 draw with Cheltenham - his 11th and 12th goals of the season Photo: Jane Russell
. Jamie Cumming - 7
Arguably at fault for Cheltenham's opener with a risky pass which put McEachran in trouble, but made up for it with a brilliant penalty save Photo: Jane Russell
. Jack Tucker - 7
Returned to the side with aplomb after missing out on Easter Monday through injury. Limited Cheltenham to precious little, but had his keeper to thank after his foul gave away the penalty Photo: Jane Russell
. Zak Jules - 7.5
One of the few players who didn't falter after Cheltenham took the lead in the first-half. Always provided a good attacking outlet Photo: Jane Russell
1. MK Dons celebrating Mo Eisa's equaliser
Mo Eisa bagged a brace against his former club on Saturday during the 2-2 draw with Cheltenham - his 11th and 12th goals of the season Photo: Jane Russell
2. Jamie Cumming - 7
Arguably at fault for Cheltenham's opener with a risky pass which put McEachran in trouble, but made up for it with a brilliant penalty save Photo: Jane Russell
3. Jack Tucker - 7
Returned to the side with aplomb after missing out on Easter Monday through injury. Limited Cheltenham to precious little, but had his keeper to thank after his foul gave away the penalty Photo: Jane Russell