A late equaliser from Tobi Sho-Silva meant the points were shared at the JobServe Community Stadium with Carlisle United.
The visitors took the lead after a goalless first half, with Omari Patrick firing a sumptuous effort beyond Sam Hornby into the corner of the net.
But the U's fought back with Tommy Smith heading us level before Tyreik Wright's first goal in a Colchester United shirt put Wayne Brown's side ahead with just over fifteen minutes to play.
There was just four minutes left to play though, then Sho-Silva nodded in the equaliser, ensuring that both sides would take a point from the game.
Wayne Brown named a side with three changes to the starting eleven that lost on the road to Mansfield Town on Tuesday evening, with Cole Skuse, Owura Edwards and Tom Eastman coming in to the side.
They were taking the places of Luke Hannant, Gene Kennedy and Tyreik Wright, who were all sitting on the bench, with Shamal George also named in the eighteen after serving his three-game suspension. Emyr Huws was also named as a substitute for Wayne Brown's side, after missing the last couple of games through injury.
The opening twenty minutes of the game were tight with limited chances for both sides. The U's did have a couple of early corners, with Owura Edwards striking a half chance over the bar. But the on-loan forward was unable to keep his effort down after Kenlock had controlled Judge's corner, with Howard untroubled in the away goal.
Towards the end of the first period though, Wayne Brown's side started to create more opportunities, with Eastman, Sears and Skuse all going close to opening the scoring.
Mark Howard, the Carlisle United goalkeeper tangled with his own man when trying to catch Myles Kenlock's free kick from the right flank, spilling the ball out to Tom Eastman who couldn't find the net from ten yards out.
Freddie Sears was also unable to hit the target after Alan Judge had played the ball through the Cumbrians' defence. Howard came out to close the angle down for the U's top scorer, and Freddie lifted his effort just over the bar and out of danger for the travelling side.
Howard was called into action three minutes before the break, pulling off an impressive save to deny Cole Skuse's curling effort from the edge of the penalty area. Skuse, who was returning to the starting eleven for the first time since a clash of heads at Leyton Orient last weekend, looked to find the top corner, but was denied by the fingertips of Howard.
It remained goalless as both sides headed for the changing rooms at half time, and neithe manager opted to make a change at the break.
But whatever was said to the visitors at half time certainly gave them a boost, as Keith Millen's side came out fighting and looking for the opening goal early on in the second period.
Jon Mellish forced Sam Hornby into a good save four minutes after half time, with the U's 'keeper getting down well to keep the scores level. But the on-loan shot-stopper could do nothing about Omari Patrick's strike that opened the scoring.
Patrick cut in from the left flank and took the ball along the edge of the penalty area, before unleashing a right-footed effort that flew past Hornby and into the corner of the net to give his side the advantage.
The Cumbrians were unable to build on their lead though, electing to sit back and defend the advantage that they had built. But it backfired on Keith Millen's side fifteen minutes later when Tommy Smith headed the U's back level in the game.
Alan Judge's corner caused problems for the visiting defence, with Sears looping the ball back into the captain at the far post. And Tommy rose highest between two Carlisle United defenders to head the ball back across goal and into the back of the net.
It didn't take long for the U's to take the lead in the tie as well, with Tyreik Wright netting his first for the club with fifteen minutes left to play. A scamble in the penalty area lead to the ball bouncing kindly for Wright to volley home off the underside of the cross bar and give the home side the advantage.
But it was a lead the U's couldn't hold, with Carlisle United finding another breakthrough before the full time whistle. Tobi Sho-Silva was the man to get the goal, with a header at the back post to make it all square.
And that's how the game would finish, with both sides taking a point. Colchester United fall to twenty-first in the table, with Walsall leapfrogging them in the standings.
Up next is a trip to Northampton Town, with Wayne Brown's side heading to third-placed Cobblers next weekend.
Colchester United starting XI: Hornby, Chambers, Smith, Wiredu (Huws 84'), Skuse, Judge, Sears, Edwards, Kenlock, Eastman (Wright 61'), Tchamadeu.
Unused subs: George, Welch-Hayes, Hannant, Andrews, Kennedy.
Carlisle United starting XI: Howard, Armer, Simeu, Riley, Mellish, Feeney, Whelan, Sho-Silva (Devitt 87'), Roberts, Patrick, Windsor (Dennis 79').
Unused subs: Norman, Devine, Alessandra, Gibson, Omotoye.