Rangers needed a last-minute equaliser to salvage a draw in their opening fixture in the Third Division against Peterhead.
Teenager Barrie McKay scored Rangers' first goal in the 27th minute before second-half strikes from Peterhead's Rory McAllister and Scott McLaughlin turned the game on its head.
With time running out, Andrew Little managed to equalise for Rangers after substitute Kevin Kyle's header crashed off the bar.
Visiting manager Ally McCoist told reporters: "I felt we defended appallingly to be honest. We didn't match their aggression and if our boys at any time thought this was going to be a cake-walk they know where they are now."
"I am not going to start panicking but overall I still think we will play better and we'll certainly pass the ball better but enormous credit must go to Peterhead."
Rangers are still overwhelming favourites for promotion in a league comprised of part-time and amateur sides.
The Ibrox club were making their debut in Scottish football's lowest tier after being demoted when the original club couldn't be saved from liquidation.