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The Aviva Premiership side got off to a quick start as Chris Wyles found the try line inside the opening 10 minutes.
Toulouse were awarded a string of penalties in the opening spell, but Luke McAlister struggled with his accuracy, missing his first three attempts at the uprights.
A Christopher Tolofua try ensured that the French side were in the match at half time, before a late surge by the visitors saw Louis Picamoles cross the whitewash, putting Toulouse ahead for the first time in the match with just over 10 minutes to play.
Owen Farrell had a chance to restore Saracens' lead, but a penalty four minutes from full time sailed just wide, but a last-gasp attempt at the drop goal came up short.