The 1973–74 season was Liverpool Football Club's 82nd season in existence and their 12th consecutive season in the First Division.

Liverpool won the FA Cup in Bill Shankly's 14th and final season in charge.

Announcing his retirement two months after winning 3-0 against Newcastle in the final, Shankly was hailed by the fans as a hero, when heading into retirement.

Kevin Keegan scored twice in the final, further confirming his status among the Liverpool faithful.

However, the club's second-place finishing in the league saw them lose their defence of the league title to Don Revie's Leeds United.