The season saw Liverpool win the League Cup for a record fifth time, beating Bolton Wanderers 2–1 in the final at Wembley with two goals from Steve McManaman.

Early in the season, Evans bolstered his defence by signing John Scales from Wimbledon and Phil Babb from Coventry City.

The club suffered a tragedy on 2 January 1995 when 19-year-old midfielder Ian Frodsham, who was on a professional contract but had yet to play a first team game, died of cancer of the spine.

The only major signing of the season was that of Danish goalkeeper Michael Stensgaard as understudy to David James, following Bruce Grobbelaar's departure to Southampton.

[1] The League Cup quest began on 21 September, in which John Scales scored his first goal for the club and was joined on the scoresheet by Robbie Fowler in a 2-0 second-round first-leg win over Burnley at Turf Moor.

Liverpool eliminated Burnley from the League Cup with a 4–1 win in the second leg, in which Jamie Redknapp was on the scoresheet twice and Nigel Clough scored what would be his only goal of the season.

[3] A goal from Robbie Fowler on 5 November gave Liverpool a 1–0 home win over fellow title challengers Nottingham Forest at Anfield.

The League Cup quest continued at the end of the month when an Ian Rush hat-trick disposed of Blackburn in the fourth round at Ewood Park.

[5] The first month of 1995 saw the departure of Liverpool's longest serving player Steve Nicol, who signed for Division One strugglers Notts County after losing his place in the first team to new arrivals John Scales and Phil Babb.

[2] It was looking too late for Liverpool to challenge for a league title win and a unique domestic treble, as they were now 15 points behind leaders Blackburn (though they did have two games in hand) and occupying fourth place.

[7] The FA Cup fifth round replay against Wimbledon saw Liverpool win 2–0, but their hopes of glory ended in the quarter-finals when they 2–1 at home to Tottenham Hotspur.

Kenny Dalglish's new team were two points ahead of Manchester United – the last side capable of catching them – and a win for them would secure their first league title since 1914.