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Addicks destroyed by Seasiders
Taylor-Fletcher: Strikes for Seasiders
The veteran Manchester City striker, 35, joined the Seasiders last month on loan until the end of the season and his arrival has breathed new life into their campaign.
Dickov notched his fifth goal in as many games shortly after the hour mark to help Simon Grayson's men to a stunning victory which included a second-half double for midfielder Gary Taylor-Fletcher.
The scores were tied at 2-2 at half-time after Darren Ambrose netted twice in as many minutes to cancel out strikes from Steve McPhee and Kaspars Gorkss.
But Blackpool - inspired by Dickov - totally destroyed Alan Pardew's men after the break and Taylor-Fletcher's second goal in the 70th minute prompted scores of Charlton fans to march out of the ground in disgust.
They missed Jonathan Fortune's 74th-minute consolation which brought the scores back to 5-3, but the Londoners had long since surrendered the points.
While the manner of the defeat raises serious questions about Charlton's promotion pedigree, Blackpool deserve immense credit for outplaying their opponents to move a step closer to safety.
Charlton hammered Blackpool 4-1 at the Valley last month and Grayson branded the performance as
possibly his side's worst of the season.
This was sweet revenge and the Seasiders needed just 16 minutes to open the scoring.
Mercurial midfielder Wes Hoolahan produced a delightful piece of skill to engineer the space inside the Charlton 18-yard box for a vicious shot which Nicky Weaver could only parry.
The rebound was fired goalwards by Claus Jorgensen and blocked, but McPhee made no mistake in sweeping in the loose ball from 10 yards.
It was the injury-plagued striker's first goal since joining Blackpool from Hull last month and gave the hosts an advantage which Gorkss doubled in the 25th minute.
Dickov had a close-range shot superbly palmed away by Weaver but Gorkss again displayed his eye for goal with an unerring volley from 10 yards.
Charlton came back strongly and Zheng Zhi set left-back Grant Basey free down the flank in the 29th minute.
His cross reached Ambrose at the far post and the Newcastle reject fired home right-footed as Rachubka just failed to keep the ball out.
Remarkably, Ambrose had his second and eighth of the season a minute later when he pounced on a loose ball to rifle home.
However, excellent work from Dickov in the 59th minute saw him outfox Basey and drive in a low shot which Weaver could only parry.
Taylor-Fletcher lashed in the rebound and three minutes later Dickov claimed a deserved goal following a dreadful mix-up between Greg Halford and Paddy McCarthy.
Blackpool were rampant and it came as no surprise when Taylor-Fletcher added a fifth in the 69th minute with a brilliant lobbed effort which flew over Weaver's head and nestled in the top corner.
That was the cue for a significant portion of Charlton's large travelling support to file out of the ground and Fortune's bundled effort 16 minutes from time was little consolation for Pardew.