AFC's 100% home record came to an end as a patient and clinical Liversedge side netted four times and left the Bulls ruing many missed chances.
Former Bulls striker Ollie Fearon punished a calamitous error from Hugo Warhurst to give his side the lead at the break, before Ross Duggan led a second-half fight-back and headed the Bulls level.
AFC looked to be in the ascendancy with numerous big chances going amiss, before Joe Walton went on to punish the hosts and earn all three points with a late hat-trick.
After a couple of early Liversedge free-kicks, it were the Bulls who had the first real opening when Buxton couldn't convert Ross Duggan's inch-perfect low drive into the penalty area.
The first two early corners almost saw Sedge striker Joe Walton open the scoring, his first header on target to be cancelled out by a foul before his second bounces just over the bar.
Former Bulls forward Ollie Fearon then had the ball in the net with a fine lob over Hugo Warhurst, but long after being flagged for offside by the assistant referee.
Shortly after Gary Stevens had to get down low to steer Cameron Hough's low effort wide, the visitors were gifted the opening goal of the afternoon, and Ollie Fearon could hardly believe his luck when Warhurst's clearance came off his back and allowed him to round the 'keeper and tap home comfortably.
The Bulls should have drawn level just a few minutes later, but Luke Walker couldn't put the ball past Stevens after being fed by Jack Warner on the break.
AFC grew further into the game and had the better of the first half despite trailing, and with a bit more luck Ross Duggan would have levelled when Stevens was just about able to block his wickedly deflected low effort from outside the penalty area.
Down the other end the visitors had their first real chance since the opening goal, when Brett Lucas did well to block Alfie Raw's attempt after the ball was squared in by Jake Thompson.
Fearon almost had his brace on the brink of the half-time whistle, but his low driven effort skimmed the wrong side of Warhurst's near post.
The second half commenced with a different goalkeeper between the AFC sticks, as player-assistant manager John Stancliffe put on his gloves to replace the injured Hugo Warhurst and avoid further risk to the Bulls number one.
Matt Chatfield's side came out in the second period with all guns blazing and determined to earn a result, and were rewarded just nine minutes in when Duggan's glancing header converted Jack Warner's cross.
The equaliser was the beginning of a wave of chances for AFC, with both Annable and Duggan unable to convert several tempting crosses from the right, whilst the Bulls number nine rounded Stevens but blasted over the bar with two Sedge defenders on the goal line, leaving all in the ground wondering if a winner would ever come.
The lack of clinical finishing from the Bulls allowed the game to open up once more, and was well and truly punished by a late quickfire hat-trick from Joe Walton.
With Walker poking wide a good opportunity on the end of a through ball from Duggan, Walton restored Sedge's lead with seven minutes of normal time remaining by slotting past Stancliffe on the counter.
The sucker-punch blow was quickly followed up by what looked to be the game killer, as Walton headed home emphatically to double the lead only two minutes later.
Just as the game looked dead and buried, Luke Walker tapped home a close-range rebound with a minute of normal time to spare, and the visitors' lead suddenly looked in to be in jeopardy.
But a patient and clinical Liversedge side simply needed to wait for their next opportunity, and Walton rounded off an eight-minute hat-trick in injury time with a similar finish to his first on the break.
The Bulls will have their opportunity to rectify the defeat when they visit Bottesford Town next Saturday.
Final score | AFC Mansfield 2-4 Liversedge
Scorers | Duggan (55'), Walker (89') - Fearon (20'), Walton (83', 85', 90'+1)
Bulls XI | Warhurst (GK) (Stancliffe 46'), Annable, Hague, McGuire, Lucas, Hough, Warner, Buxton (C), Duggan, Walker, Slone (Williams 75')
Unused substitutes | McMillan, Corder, Potter
Yellow cards | Lucas (42')
Liversedge XI | Stevens (GK), Marsden, Hamilton, Ghaichem, Tarangadzo, Jackson (C), Thompson, Jones (Kenny 75'), Walton, Raw, Fearon (Lill 86')
Unused substitutes | Zalo, Riley, Bates
Yellow cards | Walton (41')
Man of the Match | Jamie McGuire
Attendance | 71