The two sides were playing for the Martin Swallow Challenge Trophy, honouring long-time Ipswich fan and Bury volunteer Martin, who is currently battling a brain tumour.
And, having taken the lead through Cameron Humphreys in the first half, Town were scuppered by their former captain Carlos Edwards in the second.
First the 42-year-old came off the bench to score the equaliser, before netting the winning effort as Bury lifted the trophy 5-3 in a hastily-arranged penalty shoot-out.
It was the second game with fans back for Town, following a season of coronavirus restrictions, and a crowd of 675 watched on at Ram Meadow.
Teddy Bishop in action during a pre-season friendly at Bury Town last week. Photo: Pagepix (Image: Pagepix Ltd)
Kayden Jackson, Teddy Bishop, Myles Kenlock and Brett McGavin - four senior players currently training with the U23 side - all played in the first half.
Check out our pics from the game here...
Fans at Bury Town (Image: Pagepix Ltd)
Bury Town manager Ben Chenery urges his player on against Ipswich (Image: Pagepix Ltd)
Cameron Humphreys says thanks for the assist to Kayden Jackson after giving Ipswich a first half lead at Bury Town (Image: Pagepix Ltd)
Paul Cook watches the warm-up at Bury Town (Image: Pagepix Ltd)
Myles Kenlock challenges at Bury Town (Image: Pagepix Ltd)
Fans at Bury Town (Image: Pagepix Ltd)
Brett McGavin wrestles for the ball at Bury Town (Image: Pagepix Ltd)
Fans at Bury Town (Image: Pagepix Ltd)
Edwin Agbaje under pressure at Bury Town (Image: Pagepix Ltd)
Nico Valentine is upended at Bury Town (Image: Pagepix Ltd)
Kayden Jackson holds up the ball at Bury Town (Image: Pagepix Ltd)
Cameron Humphreys gives Ipswich a first half lead at Bury Town (Image: Pagepix Ltd)
Kayden Jackson is all smiles after an assist for IpswichÕs opener at Bury Town (Image: Pagepix Ltd)
Teddy Bishop with a first half chance at Bury Town (Image: Pagepix Ltd)
Teddy Bishop and Brett McGavin during the warm-up at Bury Town (Image: Pagepix Ltd)
Ipswich Town midfielder Teddy Bishop is set to sign for fellow League One side Lincoln City. Photo: Pagepix (Image: Pagepix Ltd)
Kayden Jackson during the warm-up at Bury Town (Image: Pagepix Ltd)
Kayden Jackson, along with Toto Nsiala and Louie Barry, featured for Ipswich Town's U23s against Bristol City. (Image: Pagepix Ltd)
Teddy Bishop is upended at Bury Town (Image: Pagepix Ltd)
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