A crowd of over 2500 watched The Trotters bury the majority of their chances as they came back from going behind to an early Shaquile Coulthirst goal to secure a resounding win.
All seemed well early on when Coulthirst slotted home McEvoy's cross in the fifth minute, and Lameiras came close to making it 2-0 when he dragged a shot just wide from 20-yards soon after.
But Bolton were level in the 23rd minute when Walker hammered home from the edge of the area, and just sixty seconds later The Trotters took the lead.
Youngs broke through midfield, rode a couple of challenges and finished coolly past McGee from just inside the box.
With the momentum behind them, Walker grabbed his second with a great finish from 20-yards out to double Bolton's advantage before McEvoy tapped home from a corner to reduce the arrears on the stroke of half-time.
The second half brought an avalanche of goals, with three for Bolton coming in a devastating fifteen minute period soon after the interval.
Lester powered a shot past McGee from a difficult angle before Youngs deflected effort wrong-footed our goalkeeper to make it 5-2.
And when Bolton won a free-kick 20-yards out in the 64th minute, there was an air of inevitability about what would happen next; Walker duly delivered with a strike into the corner of the goal.
A Ruben Lameiras penalty and another close range finish from Coulthirst gave us hope with 20 minutes remaining, but they were dashed soon after when Youngs completed his hat-trick by cutting inside from the left and hammering home an unstoppable shot.
Bolton capped off a tough night for the lads in injury time when Zach Clough tapped in McGee's save from Newby to score the twelfth and final goal of a thrilling encounter.
Academy Manager, John McDermott, reflected: "Sadly, it's a big opportunity lost for everyone to see how good some of our players are in front of a crowd at the Lane.
"Oddly enough at 4-6 down and having scored two quick goals with 15 minutes to go, we thought we could claw something back....as ridiculous as it sounds.
"I see these young players day in and day out working on their one-vs-ones, I see them out perform other clubs most weekends and I see them tough it out away at Anderlect, Wolfsburg and beat Barcelona.
"After a horrible defeat in the Youth Cup at Port Vale a few years ago a number of players went on to play in the Premier League. But that will only happen to those players capable of learning from this, the harshest of lessons."
Spurs: McGee; McQueen; Ward; Veljkovic (Akindayini, 80); Dombaxe (Winks, 62); Ogilvie; Michael-Percil; Bentaleb (Onomah, 56); Coulthirst; Lameiras; McEvoy.
Subs not used: Priestley; Ball.
Spurs goals: Coulthirst (5, 72 ), McEvoy (45), Lameiras (67)