After winning all six of their group matches, Jurgen Klopp's side eliminated Inter Milan, Benfica and Villarreal in the knockout rounds and they are now just one game away from lifting the trophy of Europe's most prestigious club competition for a seventh time.
As for 13-time winners Los Blancos, they topped their group with five wins from six fixtures, before beating holders Chelsea, Paris Saint-Germain and Manchester City on their route to the final.
Ahead of the third European Cup/Champions League final encounter between Liverpool and Real Madrid, Sports Mole takes a look back at their previous two meetings in this showpiece event.
1981 FINAL – LIVERPOOL 1-0 REAL MADRID
Liverpool and Real Madrid have faced off competitively on eight occasions in their history, with their first meeting in the 1980-81 European Cup final held at the Parc des Princes in Paris.
The Reds were appearing in their third final after winning the previous two in 1977 and 1978, while Los Blancos were taking part in their ninth, although this was their first in Europe for 15 years.
After a goalless first half in front of nearly 50,000 supporters, Liverpool broke the deadlock in the 82nd minute when left-back Alan Kennedy fired past Real Madrid goalkeeper Agustin from a tight angle after making a darting run into the penalty box.
Liverpool came close to adding a second in the closing stages, but they eventually settled for a slender 1-0 triumph, with Bob Paisley becoming the first manager to win the competition on three occasions.
This victory came towards the end of a dominant era for English football in the European Cup, which saw Liverpool (three) and Nottingham Forest (two) lift the trophy between 1977 and 1981, before Aston Villa claimed success in 1982.
2018 FINAL – REAL MADRID 3-1 LIVERPOOL
Liverpool and Real Madrid had to wait 37 years before they would meet again in the Champions League final, with the 2017-18 edition held at the NSC Olimpiyskiy Stadium in Kyiv.
Jurgen Klopp's men were competing in their first final since 2007 when they lost to AC Milan in Athens, while Zinedine Zidane's side had won three of the previous four finals, including the last two against rivals Atletico Madrid and Juventus.
The major talking point from a goalless first half was the shoulder injury sustained by Mohamed Salah, who left the pitch in tears following a challenge on the half-hour mark by Real Madrid captain Sergio Ramos.
Just six minutes after the break, Real Madrid opened the scoring when the first of two errors from Liverpool goalkeeper Loris Karius saw him throw the ball straight to the right boot of Karim Benzema, who directed the ball into an empty net.
Sadio Mane equalised for the Reds just four minutes later before a sensational overhead kick from Gareth Bale put Los Blancos back in front in the 64th minute. The Welshman then scored his second and Real's third when his long-range strike slipped through the hands of Karius seven minutes from time.
Real Madrid held on to clinch their third successive Champions League title and their 13th in total, six more than any other team in the competition's history.
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