Liverpool won its 12th league title, and its second in successive seasons.
David Johnson was the top scorer while Kenny Dalglish, Phil Neal and Phil Thompson were regularly starting in the side.
In the European Cup, there was an early disappointment with a loss to Dinamo Tbilisi in the first round.
Liverpool went on to lose in the semi-finals of the FA Cup to the eventual runners-up, Arsenal, after a four-game marathon.
They also lost in the semi-finals of the Football League Cup to the eventual runners-up, Nottingham Forest, who lost in the final to Wolverhampton Wanderers, a side captained by former Liverpool captain Emlyn Hughes, who left Liverpool before the start of the league season.