Richard Hall's side earn a point against Watford after twice going behind, thanks to goals in either half from Josh Bohui and a U's trialist.
Hall's side moved up one place in the Professional Development League as a result, to sixth position, remaining a point behind their opponents, Watford.
The Hornets got the opening goal of the game, through Dominic Hutchinson who struck beyond George in the twenty-third minute, but only six minutes before the U's levelled the scores.
Josh Bohui was the man on target at Park Drive, as he struck the ball low beyond the Watford Trialist 'keeper to make things 1-1.
After the break, it was a similar story, as the visitors once again took the lead. This time it was Toby Stevenson who had the beating of Shamal George, but the Hornets could only hold their advantage for a minute this time.
Two minutes later Trialist struck for Colchester United to level the scores once again, making it 2-2.
That's how the scores would finish, with both sides taking a point from the game.
Next up for the U23s is a trip to local rivals Ipswich Town next week, with the Tractor Boys sitting top of the league after a 1-0 win at Millwall.
Colchester United starting XI: George, Tchamadeu, Trialist, Marshall Miranda, Cracknell, Welch-Hayes, Bohui, Cornish, Trialist, Tovide, Sayer.
Subs: Collins, Fernandes, J Hutchinson, Kensdale, Trialist.
Watford starting XI: Trialist, Trialist, Stevenson, Burchell, Statham, Perkins, Trialist, Wise, D Hutchinson, McKiernan, Lo-Everton.
Subs: Agyakwa, Marriott, Forde, Horsewood, Conteh.