The last minute of the game was thrilling at the Sinan Erdem Dome in Istanbul.
Vasilije Micic scored a two pointer to cut the deficit to 82-83 before Nikola Kalinic missed two free throws with 10 seconds remaining.
The Serbian Micic was fouled and scored the game-winning two free throws with two seconds left to give his team victory. He finished the match by scoring 15 out of his 21 points in the last quarter.
Tibor Pleiss scored 23 points and grabbed seven rebounds as Rodrigue Beaubois finished with 10 points for the winning side.
Kalinic led Zvezda with 20 points, Branko Lazic 13 and Nate Wolters finished with 12 points.
With three wins in a row, Anadolu Efes have nine wins and eight losses in the EuroLeague this season.
Crvena Zvezda dropped to a 7-10 win/loss record.
In another EuroLeague game, ALBA Berlin beat AS Monaco 92-84 at home.
