LATE strikes from two-goal Zoltan Gera and the returning Kevin Phillips sent Albion soaring to the Championship summit for the first time this season.
Charlton drew first blood in this top-of-the-table TV treat when Chris Iwelumo broke the deadlock with a 37th-minute header.
But workaholic Roman Bednar's fifth in as many games clawed Tony Mowbray's men level two minutes before the break and Gera's first of the match fired the hosts into a 50th-minute lead.
Addicks sub Izale McLeod leveled in the 74th minute but Gera headed the Baggies back in front just six minutes later with his third goal in two games.
And sub Phillips crowned his comeback from injury in style by finally putting the result beyond doubt with his 11th of the campaign in the 84th minute.
Albion were full value for their second successive win after putting the visitors' goal under sustained spells of pressure, recording an incredible 20 shots to Charlton's eight.
In-form Chris Brunt was very much the architect of this impressive victory. The 23-year-old had the home hordes purring with his stunning left-wing deliveries and provided the crosses for Gera's double.
The win extended Albion's fine run to one defeat in 11 and ended away-day specialists Charlton's sequence of four successive wins on the road.
There was plenty at stake as second entertained third, with both teams playing for the chance to go top - for a couple of hours at least - before leaders Watford entertained Plymouth.
Albion, who started the day a point and a place better off than Alan Pardew's side, recalled Bostjan Cesar and Paul Robinson from suspension, with Leon Barnett and Shelton Martis making way.
But the biggest pre-match cheer was reserved for the return to the bench of top scorer Phillips from the knee injury which had kept him sidelined for six weeks.
The Addicks were without suspended trio Jon Fortune, Danny Mills and Lloyd Sam - but that didn't stop them almost snatching a lead inside two minutes.
The visitors caught Albion cold with a swift counter-attack and only Pele's last-ditch clearance denied Iwelumo the simplest of goals from Jose Semedo's centre.
But Albion soon settled into their passing stride and it took a similarly pivotal clearance from Madjid Bougherra to deny ex-Owls team-mate Brunt an easy tap-in after Gera had headed Filipe Teixeira's diagonal ball across the face of goal.
Brunt did make contact with the ball moments later - and how.
He collected Robert Koren's lay-off from a quickly-taken Jonathan Greening free-kick and saw a 30-yard pile-driver - with his weaker right-foot - fly inches past the far post.
The Northern Ireland international was enjoying an eventful start to the game but failed to trouble Addicks keeper Nicky Weaver with a deflected long-range shot from another Greening short free-kick.
Albion produced the best moment of the match thus far in the 15th minute when a slick one-two between Gera and Koren resulted in the former whipping over a pinpoint right-wing cross.
The off-balance Bednar threw himself at the ball and directed his acrobatic left-footed effort against the outside of the near post from 12 yards.
The Fusion Dance Company, based at St Michael CofE High School, Oldbury, had entertained the crowd to Michael Jackson's 'Thriller' before kick-off - and that's exactly what this fixture was proving to be.
The Baggies pressure continued when the industrious Bednar broke down the left and saw his dangerous cross whistle agonisingly past Gera's outstretched boot on the edge of the six-yard box.
It was one-way traffic as the half reached its midpoint and Bednar flashed a header wide from a terrific Brunt corner.
Charlton did not threaten again until the 25th minute when attacking midfielder Andy Reid spun Robinson 25 yards out and curled a delicious right-footed effort just wide of the far post.
Back came Albion and Brunt whistled another terrific drive just past the upright after a quick give-and-go with Koren.
It took a goalline clearance from veteran defender Chris Powell to deny Cesar an opening goal after Brunt's corner had wreaked havoc in the Charlton box.
The danger wasn't cleared until Semedo's block diverted Pele's goalbound shot out of the Addicks' penalty area.
Albion had really got Charlton rattled - but, incredibly, they fell behind in the 37th minute.
The jet-heeled Jerome Thomas turned Jared Hodgkiss inside out down the left before picking out Iwelumo with a peach of a cross.
The former Colchester striker gave Luke Steele no chance with a powerful header which nestled inside the far corner of the net. It was Charlton's first effort on target.
Albion were only behind for six minutes.
Cesar charged forward and fed Bednar, who laid the ball off to Gera just outside the Charlton box.
The Hungarian slipped the ball back into the path of the rampaging striker, who had left former Baggies loan signing Sam Sodje for dead, and he fired inside Weaver's far post.
Greening almost made it 2-1 a minute later.
The Albion skipper pounced on a weak Sodje clearance to lash a right-footed volley inches past the beaten Weaver's left-hand post from 25 yards.
Iwelumo appeared to be limping when he scored and the nine-goal striker was replaced by McLeod on the stroke of half-time after failing to run off his injury.
Albion picked up from where they left off after the break and charged into a 50th-minute lead.
Brunt has made a habit of delivering devastating balls into the box in recent weeks and he set up a simple far-post header for Gera with the most exquisite of left-wing crosses.
It was the former Ferencvaros ace's third goal of the season and his first on home soil this term.
The duo almost combined to deadly effect again moments later.
In a carbon copy move, Brunt centred for Gera and it took a fine reflex save from Weaver low to his right to keep out the latter's downward header.
Albion were back in complete control but had a scare in the 58th minute when Powell's cross bounced kindly for Darren Ambrose, who stabbed goalwards from eight yards.
But Steele was equal to it, taking the sting out of the shot with his right hand before gathering the loose ball.
Charlton threatened again when McLeod charged forward and laid the ball off to Thomas, whose threatening drive was deflected away from goal by Cesar.
Albion were soon back on the attack and Weaver did well to beat away Brunt's swirling 25-yard volley.
But the Baggies had a real let off in the 66th minute.
Sub Luke Varney had been on the pitch a matter of seconds when he ghosted onto Thomas' diagonal ball into the box and wastefully stabbed over.
Phillips made his long-awaited return as a 72nd-minute replacement for Teixeira - Mowbray's first change.
Moments later, strike partner Bednar headed just wide from Koren's right-wing cross as Albion searched for a killer third goal.
But Charlton were level in the 74th minute.
Varney raced onto a long ball over the top and pulled it back for McLeod who saw his first-time shot squirm under Steele's body and into the net.
But Albion regrouped and regained the lead ten minutes from time.
Yes, you've guessed it. Brunt swung in another exquisite left-wing cross and Gera towered at the far post to head into the roof of the net.
Charlton almost produced an immediate response when Matt Holland flicked on Thomas' left-wing cross and McLeod came within inches of getting a touch at the back stick.
Gera should have put the result beyond doubt - and been celebrating a hat-trick - seconds later when he fired wide from 15 yards after Bednar's centre had just evaded the marauding Robinson.
Phillips, showing no ill effects from his injury, went just as close when he latched onto Robinson's diagonal ball and saw his close-range stab blocked by Weaver.
But it was finally all over in the 84th minute.
Greening's corner fell sweetly for Robinson who swept the ball goalwards. Weaver managed to block the left-back's effort but the ball squirmed through to the predatory Phillips who blasted home from close range.
That proved the final action of a truly pulsating encounter which saw Albion get their just desserts against a club who had won their previous four visits to The Hawthorns.
ALBION (4-4-1-1): Steele; Hodgkiss, Pele, Cesar, Robinson; Gera, Greening, Koren, Brunt; Teixeira (Phillips 72); Bednar (MacDonald 90+3). Subs not used: Martis, Barnett, Beattie.
CHARLTON (4-4-1-1): Weaver; Semedo, Sodje, Bougherra, Powell; Reid (Sankofa 69), Ambrose (Varney 65), Holland, Thomas; Zhi; Iwelumo (McLeod 45). Subs not used: Randolph (gk), McCarthy.
GOALS: ALBION - Bednar (43), Gera (50 & 80), Phillips (84). CHARLTON - Iwelumo (37), McLeod (74).
BOOKINGS: CHARLTON - Bougherra (foul 49), Sodje (foul 77), Holland (foul 79).
REFEREE: P Taylor (Hertfordshire).
ATTENDANCE: 20,364.
ALBION STARMAN: Chris Brunt.
PIC: HE'S BACK...Phillips celebrates Albion's fourth
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