Liverpool fought for the league title for the first time in three years, finishing third, just one point behind champions Derby.
Liverpool's second attempt at the UEFA Cup Winners' Cup ended in disappointment following an autumn defeat to Bayern Munich.
The season saw the breakthrough of youngster Kevin Keegan.
The attacking midfielder played an integral part in the team, assisting several goals and scoring nine himself, after moving to the striker position.
[1] Another player who had come through the youth system and made his debut as a substitute for John Toshack against Manchester United on Easter Monday was Phil Thompson who would become an integral part of the team for the rest of the decade.