It was a scintillating affair with four goals equally shared as Roberto Mancini's men fought back to keep themselves in the running for the UEFA Champions League knockout stages.
Here, Bleacher Report rates the Citizens' players performances.
Joe Hart: 6/10
There wasn't an awful lot the Manchester City 'keeper could do for either of Ajax's goals.
Both were products of terrible marking, mostly from Yaya Toure, as the philosophy of zonal marking took yet another colossal hit to the stomach.
Siem de Jong was the man who stole in to score twice, and Hart was really let down by his defenders.
His distribution was good, and his quick long-ball to Mario Balotelli helped set up Sergio Aguero's equaliser.
Gael Clichy: 5/10
The French left-back had an average outing. City's forays down the left-hand side brought them a lot of joy, but Clichy wasn't heavily involved in the advanced areas of the pitch.
Defensively, he was given a really tough time by Derk Boerrigter.
Vincent Kompany: 6/10
In open play, Manchester City were barely challenged. Ajax created almost no clear-cut chances and as a result, Kompany had quite an easy night.
The hesitation shown by Frank de Boer's men outside the penalty box allowed the Belgian to make some timely interceptions and tackles.
Matija Nastasic: 5/10
Yet another dodgy showing from the young Serbian. His scuffed clearance led to the corner for Ajax's first goal and beyond that, he did little of note.
Here's hoping he's not the next Stefan Savic.
Pablo Zabaleta: 7/10
The Argentine utility man could not have returned at a more critical time, and City looked far more balanced with a true right-back on the field.
His adventurous runs were levelled out by strong defensive work as he did his very, very best to drag his side back into the game.
Yaya Toure: 7/10
Midfield engine Toure had a great game offensively.
His surging runs had Ajax on their heels and his scissor kick goal was of the highest quality. Unfortunately, his negligent marking led to both of Ajax's goals, making him the culprit for once.
Samir Nasri: 6/10
The French midfielder was tidy in possession and put some nice balls in from the right-hand side.
It was his near-perfect cross that created the struggle for Toure's goal, and his ability on the ball helped City gain control of proceedings in the second half and shift the momentum.
Gareth Barry: 5/10
Roberto Mancini will have been expecting more from the England midfielder, whose lack of athleticism really harmed his chances of stopping Ajax's slick passing.
Frank de Boer's side dominated possession for long periods, and it was on Barry's removal that things started to turn in favour of City.
Javi Garcia 5/10
Spanish anchorman Garcia returned from injury only to be subbed off at halftime. He was subdued throughout his 45-minute appearance and failed to stamp his authority on the game.
Sergio Aguero: 8/10
Despite the fact the he slipped at several critical moments, he had a telling impact on the match.
Aguero's movement was tough to handle all game long and his solitary goal earned Manchester City a point.
He had an effort ruled out for offside which was more than questionable in the 88th minute, robbing him of the chance to be the Citizens' hero once again.
Carlos Tevez: 6/10
Aguero's compatriot was full of running but struggled to have the same sort of impact.
He worked hard and linked the play well, but the ball wasn't sticking up front for City while he was on the pitch.
Mario Balotelli: 7/10 (Man of the Match)
The Italian was introduced at halftime to turn proceedings in Manchester City's favour, and he did just that.
It was his excellent flick-on that saw Sergio Aguero through on goal for the equaliser, and he should have been awarded a penalty following a manhandling in the box from Ricardo van Rhijn.
Edin Dzeko: 5/10
The target man is somewhat renowned for being a "super sub" now, but the impact he had at the Santiago Bernabeu was missing this time around.
He got caught offside several times, conceded fouls and missed a relatively easy chance to win the game.
Aleksandar Kolarov: N/A
Only came on for five minutes.