Deane Smalley scored his first league goal as Oldham denied Cheltenham a vital point in their relegation battle.
Oldham went ahead in the 16th minute when 19-year-old Smalley smashed in an explosive effort from 12 yards.
But Cheltenham responded and Ashley Vincent's shot was hooked off the line before Stephen Gillespie levelled with a penalty after a foul on Shane Duff.
Oldham were denied what looked a clear penalty for handball but Lewis Alessandra struck their winner late on.
Cheltenham: Higgs, Gallinagh (Lindegaard 11), Keogh, Duff, Jeremy Gill, Vincent (D Agostino 72), Bird, Russell, Armstrong, Connor, Gillespie (Connolly 81). Subs Not Used: Scott P Brown, Scott Brown.
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