The game was level at 0-0 after extra-time. But, the Reds were too strong for the Blues come the penalty shootout.
Liverpool won the match 11-10 on penalties. Below are our player ratings from the match.
Caoimhin Kelleher - 9.5/10
Kelleher made some important saves during the game. The shot-stopper also scored the decisive penalty during the shootout.
Without Kelleher, Liverpool would not have claimed the trophy. A great day for the youngster.
Trent Alexander-Arnold - 7/10
Alexander-Arnold had some very good moments with the the ball at his feet against Chelsea. The right-back completed six key passes during his 120-minute appearance.
But, the Blues did get in behind Alexander-Arnold on a number of occasions. However, no damage was done.
Joel Matip - 7.5/10
Matip was solid against Chelsea. The centre-back defended when he needed to and supported his partner Virgil van Dijk.
Matip did actually find the back of the net during the second half. However, his goal was overturned by VAR.
Virgil van Dijk - 8/10
Van Dijk was untroubled for the majority of the match. The Dutchman led Liverpool's defensive line quite well.
Van Dijk almost found the back of the net following a corner during the second half, but Chelsea goalkeeper Edouard Mendy was alert to the situation.
Andy Robertson - 7/10
Robertson was solid defensively, but his delivery from out wide was not the best. But, the Scotland international played well enough to earn a decent rating.
Fabinho - 8/10
Jordan Henderson - 6.5/10
Henderson certainly wasn't awful against the Blues, but he did not really add much to Liverpool's midfield on the day.
In saying that, he did work hard and press the opposition.
Naby Keita - 6.5/10
Keita was lively, but he did not have any real impact on the match with the ball at his feet.
Mohamed Salah - 7/10
Chelsea probably feel they kept Salah reasonably quiet. But, the Egyptian international still had five shots on goal.
On another day, Salah could have easily found the back of the net.
Luis Diaz - 9/10
Diaz was very bright out on the pitch. The Colombia international simply looked to make things happen when he got on the ball.
The only thing missing from Diaz's performance was a goal.
Sadio Mane - 7/10
Mane should have scored late on during the first half. The Senegal international missed from only a few yards out.
But, Chelsea goalkeeper Mendy did pull off an exceptional save.
Harvey Elliott - 7/10 (Replaced Henderson 79 minutes in)
Elliott got on the ball and tried to make things happen. Also, have to praise the lad for successfully converting his penalty. Huge pressure for an 18-year-old.
Diogo Jota - 7/10 (Replaced Mane 80 minutes in)
Jota pressed the Chelsea defence and did his best to score/create a goal.
James Milner - 7/10 (Replaced Keita 80 minutes in)
Milner gave a tired Liverpool team a bit of energy/experience when it was most needed.
Ibrahima Konate - 7/10 (Replaced Matip 91 minutes in)
Matip does have a poor injury record so we weren't at all surprised to see Konate replace him late on in the game.
The Frenchman went unnoticed, which is not a bad thing for a defender.
Divock Origi - 6.5/10 (Replaced Luis Diaz 97 minutes in)
Origi didn't really get into the game. But, like the rest of his teammates, he did score during the shootout.