Charlotte pulled within 102-100 with 7.1 seconds left when Gerald Wallace was fouled and injured going to the net. Kwame Brown was selected to shoot Wallace's free throws but made just 1-of-2 and Jennings then hit a pair from the foul line to clinch the Milwaukee win and snap a five-game losing streak.
Ersan Ilyasova added 17 for the Bucks and John Salmons put in 16.
The Bobcats were led by D.J. Augustin's 26 points. Wallace finished with 19 in Charlotte's fourth setback in six outings.