Phantoms hit the front through Ales Padelek, who took a pass from Tom Norton before firing into the top corner.
Bayley Harewood levelled the scores with 1:32 to play in the opening period, he found space in the middle of the zone to fire an effort past Jordan Marr on the powerplay.
Young forward Juha Lindgren put the Bees ahead in the opening minute of the second period, finding the top corner after being afforded the space to shoot in the Phantoms defensive zone.
Tom Norton got the Phantoms back on level terms with a blue line blast as the game ticked past the half way mark.
But the Bees went back in front moments later when Dominik Gabaj found himself one on one with Marr and made no mistake with the finish.
Gabaj made it four for the Bees just 2:43 into the third period, signalling a change in goal for the Phantoms as Ryan Bainborough replaced Marr between the pipes.
A defensive lapse for the Phantoms gifted the Bees their fifth as Gabaj found Harewood free on the back door to score his second of the night.
And Harewood completed his hat-trick just over a minute later with an unassisted, short handed goal.
Morgan Clarke-Pizzo got the Phantoms moving back in the right direction with his first for the club. Glenn Billing played a stretch pass to Clarke-Pizzo, who gained the zone and fired low past Adam Goss.
And man of the match Clarke-Pizzo turned provider on his next shift. After gliding past his man, he laid the puck on a plate for Billing to tap home into the empty net.
And then, a frantic final five minutes ensued as Mikey Power scored the Bees’ seventh of the night before getting into an altercation with Bainborough which then resulted in him dropping the gloves with Phantoms captain, Will Weldon.
Then, Joe Gretton took on Bees defenceman Luke Jackson, with the Phantoms man getting the better of his opponent in that particular bout.
Billing scored his second of the night to reduce the deficit to 7-5, but the Bees held on to take both points back with them to Berkshire.
FINAL SCORE: Peterborough Phantoms 5-7 Bees IHC
13:40 (PP 1-0 BB): #93 Ales Padelek / #2 Tom Norton (PPG)
31:51 (PP 2-2 BB): #2 Tom Norton / #13 Morgan Clarke-Pizzo / #29 Will Weldon (EHG)
50:20 (PP 3-6 BB): #13 Morgan Clarke-Pizzo / #72 Glenn Billing (PPG)
52:01 (PP 4-6 BB): #72 Glenn Billing / #13 Morgan Clarke-Pizzo / #2 Tom Norton (EHG)
56:50 (PP 5-7 BB): #72 Glenn Billing (PPG)
17:28 (PP 1-1 BB): #77 Bayley Harewood / #23 Dominik Gabaj / #10 James Galazzi (PPG)
20:56 (PP 1-2 BB): #38 Juha Lindgren / #14 Niklas Örnmarker / #7 Josh Kelly (EHG)
34:40 (PP 2-3 BB): #23 Dominik Gabaj / #65 Harvey Stead / #4 Luke Jackson (EHG)
42:43 (PP 2-4 BB): #23 Dominik Gabaj / #65 Harvey Stead / #4 Luke Jackson (EHG)
47:35 (PP 2-5 BB): #77 Bayley Harewood / #23 Dominik Gabaj (EHG)
48:47 (PP 2-6 BB): #77 Bayley Harewood (Hat-Trick) (SHG)
55:28 (PP 4-7 BB): #12 Mikey Power / #14 Niklas Örnmarker / #38 Juha Lindgren (PPG)
Phantoms man of the match: Morgan Clarke-Pizzo
Bees man of the match: Bayley Harewood