Tomer Hemed gave the Islanders a dream start by scoring inside seven minutes, but Robert Acquafresca equalised just before half-time.
Despite dominating possession and having 17 attempts on goal, Mallorca were unable to get a winner, which could have a huge impact on their chances of avoiding relegation.
The hosts knew that their league position meant only a a win would do. As a result, they made a bright start and did not waste time in taking the lead.
Hemed ran through the middle of the Levante half and switched the play to Victor on the left hand side, who returned the ball back across the box and into the path of the Israeli forward, whose shot was too powerful for Keylor Navas.
Not long after the goal, centre-back Pedro Geromel was presented with a chance to double the lead, but could not get enough power on his header to beat Navas.
Levante, all but safe from relegation, had lost all four of their previous games before this fixture and played with far less urgency than their opponents. They only managed two shots on goal all game. The first was a wayward shot by Vicente Iborra, the second was the equaliser.
Pedro Rios got down the right wing and delivered a low cross, which the Mallorca defence allowed to bounce across the box and Acquafresca appeared unmarked at the far post to head in from a few yards out and score his second goal for the club.
Mallorca thought they could have had two penalties penalty on the stroke of half-time. First David Navarro appeared to block a shot in the area with his arm, then Giovani Dos Santos was felled in the box a minute later. The referee saw nothing wrong with either incident.
The second half followed a similar script to the first, with Mallorca the only side to show attacking ambition, but there were no further goals. The best opportunity fell to Tomas Pina with 20 minutes remaining. The forward exchanged a one-two with Hemed on the edge of the area but could only fire a weak shot straight at Navas when he received the ball again.
Although Gregorio Manzano's side kept on attacking until the end, they were unable to penetrate a dogged Levante.
When the final whistle blew, the Mallorca players dropped to the floor, well aware they had missed a golden opportunity to pick up all three points, and concerned that, with just four games remaining of the season, they will not get many more.