Alan Shearer scored the 350th goal of his career but struggling Bolton did their survival chances no harm at all by holding on for a much-needed three points after a 4-3 win.
Michael Ricketts bagged a brace for Sam Allardyce's side in a thrilling encounter at the Reebok Stadium.
The Wanderers striker scored his first goal in open play since January in the 1-1 draw against West Ham and was rewarded with a place in the starting line-up.
This time he was the catalyst in a vital victory for a Bolton side, anxious to avoid the drop.
They raced into a 4-1 lead only to fall away and hang on nervously for only their second home league win.
The game got off to a blistering opening with three goals in the opening nine minutes and Bolton having the advantage.
The home side, rooted in the relegation zone, got just the start they wanted with a goal after just five minutes.
Ricardo Gardner laid the ball into the path of Nigerian midfielder Jay-Jay Okocha who rifled a shot beyond Shay Given.
Bolton's lead lasted only three minutes with Shearer getting the equaliser.
Nolberto Solano fed the ball to Kieron Dyer and he whipped it inside to Shearer, whose finish was clinical.
The game took another twist in the ninth minute when Bolton regained the lead when Jamaica international Ricardo Gardner whipped in an unstoppable 25-yard free-kick that went over a startled Given and into the net.
Bolton had only won one league game at home going into the match but were playing with confidence after Gardner's stunning free kick.
Ricketts tested Given with a header after Danish striker Henrik Pedersen had flicked the ball on.
Then Anthony Barness floated in a cross from the right, only for Ricketts to head wide of the target.
Dyer found the net for Newcastle in the 31st minute after Ameobi had robbed Simon Charlton but his effort was ruled out for an infringement.
Ameobi skipped away down the left in the 39th minute and tried to pick out Shearer with a cross but his delivery was cut out by goalkeeper Jussi Jaaskelainen.
Bolton almost extended their lead two minutes before half time when Gudni Bergsson's header from a Youri Djorkaeff free kick forced Given into a fingertip save.
Ricketts added a third for the home side on the stroke of half time with a powerful header beyond Given after a cross from Frandsen.
Solano then headed over the top from Robert's corner in a frenetic finale to the half.
The Bolton supporters could hardly believe what they were witnessing going into the second half.
Dyer was trying hard to get Newcastle going while Shearer continued to work his socks off up front, but even though they had plenty of possession there was little creativity in their play.
There was a scare for Bolton in the 58th minute when Barness's clearance only found Shearer but his volley went high over the bar.
Then Solano picked out Ameobi at the back post but his tame header went straight into the arms of Jaaskelainen.
Ameobi was again wasteful when he got away from Bergsson and Charlton on the hour but delayed his shot and Jaaskelainen was able to take the ball off his toes.
Ricketts got his second goal of the game after 64 minutes to put Bolton 4-1 ahead, latching on to a poor back pass from Gary Speed to steer a shot wide of Given.
Newcastle pulled a goal back after 72 minutes to give them a glimmer of hope of getting something out of the match.
Solano picked out Ameobi and his shot appeared to take a deflection off Dyer and wrong-foot Jaaskelainen.
Newcastle set up a grandstand finish by getting a third goal in the 78th minute.
Robert played a short free kick to Shearer who lashed an unstoppable shot into the corner from 25 yards.
It was another landmark for the former England striker - his second goal of the game and his 14th of the season bringing his career tally to 350.
But both Newcastle and Shearer had nothing to show at the end of a rousing encounter.
Sir Bobby Robson is set to lodge a complaint against referee Uriah Rennie after Shearer's fifth booking means a one-match suspension for the Newcastle skipper.
The controversy surrounds Alan Shearer, who chalked up a career total of 350
goals in the 4-3 defeat by Bolton today.
Shearer was also handed a yellow card late in the game after compaining about
Lomano Lualua being booked for allegedly diving following a challenge from Mike
Robson said: 'Shearer said to the referee "before you take a card, go and
have a word with Whitlow".
'I have to hold up my hands to Whitlow. He told the referee he had fouled
him, [that] he had tripped Lualua.
'But he still gave him a yellow card for diving. Shearer, speaking plainly,
got a yellow card as well.
'Can you explain that to me? Because I will be explaining it to the FA and
the Premier League.
'I will now lose Shearer for the West Ham match after his fifth yellow card.
'Not only that we might have got a point if we had got the free kick we had
'Instead we got two yellow cards which I find is absolutely outrageous - but
there is nothing we can do about it.'
Shearer scored twice - one a 25-yard screamer - to reach his landmark and was
baited throughout by the Bolton supporters.
Their verbal assaults annoyed Robson who said: 'I can't understand fans
making obscene chants at Alan.
'He is a nice guy, a great professional and he has captained his country.'
Bolton hung on to chalk up only their second home league win of the season
thanks mainly to two goals from Michael Ricketts.
Manager Sam Allardyce said: 'It was a magnificent victory and one that was
long overdue at home.
'I always felt that once Michael got back on target more goals would come and
so it has proved.'