The game got off to a lively start as Pierre-Emerick Aubameyang headed in a Josuha Gilavogui cross with just eight minutes on the clock.
Les Verts were back in front just five minutes later, though, courtesy of another headed goal, this time Brandao nodded the ball into the bottom-left corner.
An exhilarating first half ended with a fourth goal - a second equaliser for Troyes. Defender Eloge Enza Yamissi sent the ball in the box and Benjamin Nivet was there to head into the top corner of the net.
The second half was a drab affair in comparison, with neither side able to match their first-half performances.
Saint-Etienne dominated but were unable to grab the winner, despite a late siege on the Troyes goal.
This draw leaves Troyes in the relegation zone, still five points from survival.