Toro lined up in their trademark 4-2-4 formation, with Riccardo Meggiorini rewarded for his goal against Napoli by starting upfront, whilst Angelo Ogbonna replaced the suspended Guillermo Rodriguez at the back.
Alessio Cerci had Torino's first opportunity of the game, but after cutting in on his left foot as he has done so often this season, his shot was turned round the post by Gianluca Curci.
However after 25 minutes the Granata did take the lead, when Curci failed to deal with Mario Santana's long range strike, and Paulo Barreto was on hand to head in from one yard out - his second goal in as any games.
Bologna thought they had equalised before half time, when Panagiotis Kone calmly chipped the ball over Jean-Francois Gillet, but the referee disallowed the goal for a foul by Alberto Gilardino on Angelo Ogbonna in the build up.
However, midway through the second half Bologna did get their equaliser, when Archimede Morleo's excellent cross was headed in by Kone, and this time nobody was taking the goal away from the Greek midfielder.
Toro brought on strikers Rolando Bianchi and Jonathas in order to find a winning goal that would probably haved fired them to safety, and the latter had an excellent chance from twelve yards out, but the Brazilian miscued his shot wide of the post.
And the home side made Torino pay for that miss, as just five minutes before half time the ball fell to Tiberio Guarente (who had only been on the pitch for four minutes) and the midfielder fired a powerful left footed shot past Gillet from the edge of the area.
However, there was still time for the Granata to find an equaliser as in the final minute of injury time Danilo D'Ambrosio fired the ball across goal to find an unmarked Rolando Bianchi who gratefully tapped the ball into the roof of the net from four yards out.
With Torino facing Roma, Fiorentina, Juventus and Milan in their next four games, this was an extremely important point as the Granata seem to be slowly moving towards survival. The winning goal was also extremely vital for Rolando Bianchi, as in the Torino captain's struggle to be awarded a new contract at the end of the season, this late goal was a timely reminder of what he can provide to the team.