[9] In the quarter-finals, Chelsea were drawn at home for the fourth consecutive time to Premier League club and 2023 finalists Newcastle United, with the match played at Stamford Bridge on 19 December.

A an early Newcastle goal from Callum Wilson saw them try to maintain the lead, however a defensive mistake from Kieran Trippier led to a stoppage-time equalizer from Chelsea substitute Mykhailo Mudryk, sending the match to a penalty shoot-out.

Chelsea won 4–2 on penalties with a 100% conversion rate, with Cole Palmer, Conor Gallagher, Christopher Nkunku, and Mudryk all scoring for the Blues.

Liverpool produced a dominant display to record a 5–1 victory, with goals coming from Dominik Szoboszlai, Curtis Jones, Cody Gakpo and Mohamed Salah.

[16] The second leg was played at Craven Cottage on 24 January, with the match ending in a 1–1 draw after Issa Diop cancelled out Luis Díaz's first-half strike.

[20] Regular starters for Liverpool Mohamed Salah,[21] Darwin Núñez,[21] Dominik Szoboszlai,[22] Joël Matip, Trent Alexander-Arnold[23] Alisson Becker and Curtis Jones[24] were all ruled out of the final due to injury, as were Diogo Jota,[21] Thiago Alcântara and Stefan Bajcetic.

However, the goal was disallowed by the video assistant referee, after adjudging that Endō was blocking Chelsea defender Levi Colwill while starting in an offside position.

Into extra time, Van Dijk headed the ball across to substitute Jayden Danns, whose header had to be tipped over the goal by Đorđe Petrović.

Despite desperate late attempts from Chelsea to find a goal, Liverpool came out victorious with a 1–0 win after extra time to secure their tenth EFL Cup, and their second in three seasons.

[28] For Liverpool, it was the first time under Jürgen Klopp that they had won a domestic cup final without the need of a penalty shoot-out, excluding the 2022 FA Community Shield, when they defeated Manchester City 3–1.