The home side raced into a 3-0 lead at The Reebok thanks to two goals from Davies, one from the penalty spot, and a Gretar Steinsson effort.
But Spurs, conquerors of Inter Milan in the Champions League in midweek, hit back with Alan Hutton and substitute Roman Pavlyuchenko scoring in the last 11 minutes only for Martin Petrov to step off the bench and seal Bolton's victory in stoppage time.
Asked if it was Bolton's most satisfying win of the season so far, Davies told Sky Sports 2: "I think so, obviously we were disappointed with the result last weekend (a home defeat by Liverpool), we needed to bounce back strongly and we did that.
"To be honest we normally have a good game against Tottenham with lots of goals, so it didn't surprise me. Obviously we let them back in the game but we managed to finish them off in the end."
Davies admitted Tottenham's European action may have played a part.
"Yes, I think a little bit," he said. "Playing in Europe, we did it a few years back and it's difficult playing at the weekend. But they've got a big squad, some great players and I don't think they'll use that as an excuse."
Bolton boss Owen Coyle said: "I like to think we're improving, when I came in January we were in the bottom three, favourites for relegation. Hopefully we're moving in the right direction but it's a work in progress.
"We're showing a lot of quality and I thought it was an outstanding performance today."
Coyle admitted he was slightly nervous when Tottenham launched their fightback.
"You're always worried, particularly with the quality Tottenham have," he said. "I have to say at 3-0 I think we were comfortable and had a few other chances but you've got to give Tottenham credit for the tremendous finishes."
Opposite number Harry Redknapp said: "We've obviously disappointed. They got after us, they did well, worked hard, pressed, didn't let us play.
"It's difficult to come away from home, and we tried to be solid. But we went one down, I bring on another striker and go 4-4-2 and we're open as a barn door. If you don't defend well enough you get what happened today. It's a fine balancing act (between being expansive and keeping tight). We got punished, we didn't defend well enough."
Redknapp played down the suggestion that in-form winger Gareth Bale had been targeted with rough treatment.
"It's coincidental," he said. "People are going to tackle him, he has to accept people are going to tackle him."