Manager Alan Curbishley sought to solve this by signing prolific young striker Darren Bent from Championship side Ipswich Town.
It was two shortly afterwards when Okocha turned from scorer to provider as his precise through ball found Henrik Pedersen, who held off Luke Young and slotted past Kiely.
Charlton improved in the second half but couldn't take their chances, with Shaun Bartlett and debutant Danny Murphy missing good opportunities, and that allowed Bolton to seal the game when Okocha scored an incredible second when he teased the Charlton defenders before unleashing a powerful drive past the helpless Dean Kiely.
Charlton started the brightest when, from an early corner, Jonathan Fortune headed towards goal via a deflection, forcing a good save from Shaka Hislop.
Charlton threatened at the start of the second half with efforts from Dennis Rommedahl and Shaun Bartlett but then Portsmouth got an unbelievable equaliser.
A short free kick was given to Patrik Berger, who flicked up and volleyed incredibly from approximately 35 yards out, seeing the ball fly into the top corner.
Rommedahl and Bartlett were both denied by Shaka Hislop, who was having a good game until the 87th minute when Jonathan Fortune swung in a free kick which glanced off David Unsworth's head.
Gareth Barry, carrying on from where he left off against West Brom, delivered a dangerous cross which went to Darius Vassell, who crashed his shot against the crossbar.
Rommedahl produced a chipped through ball which deflected off Thomas Hitzlsperger into the path of Young, who confidently finished past the on-rushing Postma.