It was Cardiff, managed by former Sky Blue David Jones, who took the lead through a Michael Chopra drive in the sixth minute.
A stunning free kick, seven minutes later from Charlie Adam levelled the match at Wembley Stadium in front of a crowd watching a game played on a pitch temperature of 103 degrees.
Former Sky Blue Jay Bothroyd limped off with an injury but in the 36th minute, Boothroyd's team mate Joe Ledley broke down the left and scored with a low drive.
Ian Holloway's side were level within four minutes thanks to Gareth Taylor-Fletcher heading in after a volley by Cov Kid Ian Evatt from a corner was cleared off the line.
As the game entered first half stoppage time, Brett Omerod made it 3-2 to Blackpool when he nipped in to score with a low shot from seven yards that went through the keepers legs.
Cardiff had a goal disallowed for offside before the half ended.
The second half failed to live up to the the excitement of the first half and it was Blackpool who were back in the top flight for the first time in forty years.