The competition started on 30 August 1982 and ended with the final on 26 March 1983.
The final was contested by First Division teams Manchester United and Liverpool at the Wembley Stadium in London.
Manchester United, in search of their first League Cup triumph, overcame Arsenal in the semi-finals to reach the final for the first time.
Liverpool, winners of the previous two finals, booked their place in the final for the third year running at the expense of Second Division strugglers Burnley, winning the first leg 3–0 at Anfield.
Burnley's 1–0 win at Turf Moor in the second leg wasn't enough to prevent Liverpool from getting through.