During the UEFA Champions League league phase, the reigning European champions won 4-0 vs. Atalanta BC at the Parc des Princes, then 2-1 at FC Barcelona and 7-2 at Bayer 04 Leverkusen, before losing 1-2 at home to FC Bayern Munich, beating Tottenham Hotspur FC 5-3 in Paris, drawing 0-0 with Athletic Club in Bilbao, and losing 1-2 at Sporting Clube de Portugal to finish 11th with 14 points. They then disposed of AS Monaco (3-2, 2-2) in the play-off and Chelsea FC (5-2, 3-0) in the Round of 16.
European champions in 1977, 1978, 1981, 1984, 2005 and 2019, the Reds defeated Atlético de Madrid 3-2 at home before losing 0-1 at Galatasaray AS, winning 5-1 in Eintracht Frankfurt and 1-0 vs Real Madrid CF. They then lost 1-4 at home to PSV Eindhoven before a 1-0 win vs. FC Internazionale Milano and a 3-0 defeat of Olympique de Marseille away from home and wrapping up the league phase with a 6-0 home win over Qarabag FK to finish in third place, four points better off than the Rouge-et-Bleu. That took them into the Round of 16 where they knocked out Galatasaray (0-1, 4-0).
Paris Saint-Germain (FRA) - Liverpool FC (ENG)
Real Madrid CF (ESP) - FC Bayern Munich (GER)
FC Barcelona (ESP) - Atlético de Madrid (ESP)
Sporting Club de Portugal (POR) - Arsenal FC (ENG)
Paris Saint-Germain (FRA) or Liverpool FC (ENG) - Real Madrid CF (ESP) or FC Bayern Munich (GER)
FC Barcelone (ESP) or Atlético de Madrid (ESP) - Sporting Club de Portugal (POR) or Arsenal FC (ENG)