The England international came on for the Gunners in the 73rd minute to inject some much needed energy into a lacklustre away display on Thursday night.
David Raya had produced two moments of brilliance to save Arsenal's blushes in the tricky Champions League opener in Italy, making an outstanding double save to twice keep out Mateo Retegui after a penalty was awarded.
And despite Mikel Arteta throwing Sterling on to the pitch, along with Leandro Trossard and Jorginho in a string of substitutes, the Gunners had to settle for a point.
The winger did have something to celebrate on the final whistle, however, after it emerged he had become the first player in history to play for four different English sides in the competition.
Raheem Sterling has broken a remarkable Champions League record after making an appearance off the bench in Arsenal 's bore draw with Atalanta
Sterling made his Champions League bow in a dramatic 2-1 win over Ludogorets in September 2014 which saw a late penalty from Steven Gerrard clinch victory.
Mario Balotelli had put the Reds a goal up on 82 minutes before a Dani Abalo equaliser in the 91st seemed to have broken Liverpool hearts at Anfield.
Brendan Rodgers's side endured a disappointing campaign in the competition, failing to get through their group after accruing just five points.
The following season, Sterling had completed a move to Manchester City and made his first appearance for the team in the Champions League in a frustrating 2-1 loss against Juventus at the Etihad.
The English star was taken off on 71 minutes and replaced by Kevin De Bruyne as Manuel Pellegrini's men blew a one-goal lead. The side ended up topping their group before surging to the semi-finals, where they were knocked out by Real Madrid.
Sterling ended up making an impressive 68 appearances in the Champions League for Man City, in a spell at the club which saw him play 339 matches in total, scoring 131 goals.
The forward's first match for Chelsea in Europe's premier competition came in a humiliating 1-0 defeat at Dinamo Zagreb, where he was hooked after 75 minutes, in what proved to be the game that got Thomas Tuchel sacked.
The west London side recovered from that poor display to top their group and reach the quarter-finals, where they fell victim to Real Madrid.
Last night's cameo display saw Sterling make little impact in changing the momentum of a tepid European clash.
Arsenal's display in the Gewiss Stadium was laboured and their consistent struggle to get into attacking positions meant the side finished with just two shots on target and deserving of no more than a point in the new-look league format.
The forgettable match in Bergamo leaves the Gunners in 16th after one game played and with concerns over the attacking flow of the side ahead of a crucial clash against Premier League champions Sterling's old club Manchester City.