There was a blow for Kevan Broadhurst's men before the kick-off when experienced keeper Andy Oakes was unable to take the field with an ankle injury sustained in training.
His young stand in Rene Gilmartin did his best in difficult circumstances, but his inexperience showed when Bradford bounced back with goals either side of the interval.
It seemed that the Saddlers were on their way to a first home victory in 2006 when they took the lead in the 17th minute.
Michael Leary put in a snap shot from 30 yards which hammered against an upright and Kevin James was quick to seize on the rebound and scored from close range.
Five minutes later Bradford should have been level when young striker Joe Brown found winger Joe Colbeck with a defence splitting pass.
But with Gilmartin stranded in no mans land Colbeck sent an angled shot wide of the far post.
Walsall striker Mads Timm sent a good effort just over in the 23rd minute and another shot from James was comfortably taken by keeper Donovan Ricketts.
But Walsall went further in front in the 37th minute. Man of the match Dean Keates sent over a penetrative in-swinging free-kick and defender Chris Westwood out jumped the Bradford defence to score with a magnificent downward header.
A minute later Gilmartin was somewhat tentative in pushing away a long range shot by Brown and moments before the interval unnecessarily conceded a corner when pushing the ball over where he could have caught it.
That led to Bradford reducing the lead because following the corner a cross by substitute Ben Muirhead was headed home by Mark Bower.
Four minutes after the interval Bradford were on terms. This time Gilmartin attempted to punch clear from a free-kick by Marc Bridge-Wilkinson and David Wetherall scored with a well executed bicycle kick.
In the closing minutes both sides could have scored the winner, but Walsall substitute James Constable was too slow to take advantage from a pass by Paul Devlin and Scott Fitzgerald had a shot saved by Ricketts.
At the other end Colbeck took the ball round defender Daniel Fox but his cross shot was saved at the near post by Gilmartin.