Virgil Van Dijk's header pushes the Reds to the precipice of glory at Wembley Stadium, with Mauricio Pochettino's Chelsea faltering when it mattered most.
Liverpool started the game on the ascendency, trying to get the early goal of the encounter.
In the 15th minute, Blues goalie Petrovic was called into action and he made a brilliant save to deny an effort from Cody Gakpo, tipping the ball away.
Nine minutes to half of the hour mark, Kelleher also made a magnificent save to keep Jurgen Klopp's side firmly in the final.
Cole Palmer was in sight of glory, and he side-footed an effort intending for the back of the net, only for Caoimhin Kelleher to make an excellent save to keep the ball out.
Unfortunately, Liverpool made a forced substitution in the 28th minute, after Caicedo stamped on Ryan Grabenberch.
Grabenberch came off worse from the tackle and he couldn't continue, resulting in the Dutchman being taken off on a stretcher.
In the 32nd minute, Raheem Sterling put the ball into the back of the net, after he was put through on goal by Nicolas Jackson.
However, the goal was canceled for offside, with Jackson adjudged to have been in an offside position in the build-up to the goal.
Five minutes before the end of stoppage time in the game, Cody Gakpo could have also taken Liverpool ahead, but his attempt following a header from Andrew Robertson struck the bar.
Deep into added time of the first 45, Chelsea's Ben Chiwell and Liverpool's Conor Bradley were handed yellow cards after they got into a brawl.
Both sides went into the break level, with neither team having anything to outwit each other in a truly entertaining game for neutrals.
The second half commenced with Jurgen Klopp's side also starting on the front foot and right on the hour mark, Virgil Van Dijk got the reds ahead, but just like Chelsea's goal in the first, it was also canceled for offside.
Van Dijk's amazingly directed header got into the back of the net, but the goal was chalked off after Endo was adjudged to be in an offside position and believed to have interfered with the play.
In the 67th minute, Raheem Sterling was substituted by Mauricio Pochettino, with Christopher Nkunku coming on in his stead.
The Reds also introduced Bobby Clark for Conor Bradley in the 72nd minute, and 4 minutes later, Chelsea struck the woodwork.
Conor Gallagher got onto the end of a well-weighted cross delivered by Cole Palmer, but unfortunately for the Blues, it couldn't end up in the back of the net.
Alexis Mac Allister was handed a yellow card for a reckless tackle on Moises Caicedo, while Ibrahima Konate also got his name into the referee's book for a handball.
Jurgen Klopp made three chances in the 87th minute, with Konstantinos Tsimikas, James McConnell, and Jayden Danns coming on for Andrew Robertson, Alexis Mac Allister, and Cody Gakpo respectively.
Mykhaylo Mudryk also came on to replace Nicolas right in the 90th minute, with Pochettino seeing his side on the front foot late on.
Regulation time also ended with both Chelsea and Liverpool still even-steven in an entertaining clash at Wembley Stadium.
In the opening half of extra time, arguably the biggest chance fell to Liverpool, with Danns nearly getting his side ahead, after heading the ball to the path of goal following a headed pass from Van Dijk.
In the second duration of extra time, Jarell Quansah came on for Ibrahima Konate, a substitution that was shocking to many, however, Jurgen Klopp's tactical brilliance was witnessed in the game.
Liverpool's James McConnell was cautioned for cynically pulling back Cole Palmer, as he proceeded on a counter.
Meanwhile, Mauricio Pochettino made one final substitution in the second half of extra time, bringing on Trevoh Chalobah for Ben Chiwell.
Two minutes close to the end of extra time, Virgil Van Dijk came up clutch for Liverpool, rising highest to nod home a well-delivered cross by Konstantinos Tsimikas.
Ecstasy, elation, and cacophonic joy were witnessed at the Reds' end at Wembley, while Chelsea supporters were thrown into deafening silence, as the Liverpool captain handed his side the victory.
Chelsea's Cole Palmer and Liverpool's Joe Gomez were the remaining players handed yellow cards in the game, with Jurgen Klopp winning what could be the first of three trophies in his final season with the Reds.
Congratulations Liverpool!!!
Liverpool started the game on the ascendency, trying to get the early goal of the encounter.
In the 15th minute, Blues goalie Petrovic was called into action and he made a brilliant save to deny an effort from Cody Gakpo, tipping the ball away.
Nine minutes to half of the hour mark, Kelleher also made a magnificent save to keep Jurgen Klopp's side firmly in the final.
Cole Palmer was in sight of glory, and he side-footed an effort intending for the back of the net, only for Caoimhin Kelleher to make an excellent save to keep the ball out.
Unfortunately, Liverpool made a forced substitution in the 28th minute, after Caicedo stamped on Ryan Grabenberch.
Grabenberch came off worse from the tackle and he couldn't continue, resulting in the Dutchman being taken off on a stretcher.
In the 32nd minute, Raheem Sterling put the ball into the back of the net, after he was put through on goal by Nicolas Jackson.
However, the goal was canceled for offside, with Jackson adjudged to have been in an offside position in the build-up to the goal.
Five minutes before the end of stoppage time in the game, Cody Gakpo could have also taken Liverpool ahead, but his attempt following a header from Andrew Robertson struck the bar.
Deep into added time of the first 45, Chelsea's Ben Chiwell and Liverpool's Conor Bradley were handed yellow cards after they got into a brawl.
Both sides went into the break level, with neither team having anything to outwit each other in a truly entertaining game for neutrals.
The second half commenced with Jurgen Klopp's side also starting on the front foot and right on the hour mark, Virgil Van Dijk got the reds ahead, but just like Chelsea's goal in the first, it was also canceled for offside.
Van Dijk's amazingly directed header got into the back of the net, but the goal was chalked off after Endo was adjudged to be in an offside position and believed to have interfered with the play.
In the 67th minute, Raheem Sterling was substituted by Mauricio Pochettino, with Christopher Nkunku coming on in his stead.
The Reds also introduced Bobby Clark for Conor Bradley in the 72nd minute, and 4 minutes later, Chelsea struck the woodwork.
Conor Gallagher got onto the end of a well-weighted cross delivered by Cole Palmer, but unfortunately for the Blues, it couldn't end up in the back of the net.
Alexis Mac Allister was handed a yellow card for a reckless tackle on Moises Caicedo, while Ibrahima Konate also got his name into the referee's book for a handball.
Jurgen Klopp made three chances in the 87th minute, with Konstantinos Tsimikas, James McConnell, and Jayden Danns coming on for Andrew Robertson, Alexis Mac Allister, and Cody Gakpo respectively.
Mykhaylo Mudryk also came on to replace Nicolas right in the 90th minute, with Pochettino seeing his side on the front foot late on.
Regulation time also ended with both Chelsea and Liverpool still even-steven in an entertaining clash at Wembley Stadium.
In the opening half of extra time, arguably the biggest chance fell to Liverpool, with Danns nearly getting his side ahead, after heading the ball to the path of goal following a headed pass from Van Dijk.
In the second duration of extra time, Jarell Quansah came on for Ibrahima Konate, a substitution that was shocking to many, however, Jurgen Klopp's tactical brilliance was witnessed in the game.
Liverpool's James McConnell was cautioned for cynically pulling back Cole Palmer, as he proceeded on a counter.
Meanwhile, Mauricio Pochettino made one final substitution in the second half of extra time, bringing on Trevoh Chalobah for Ben Chiwell.
Two minutes close to the end of extra time, Virgil Van Dijk came up clutch for Liverpool, rising highest to nod home a well-delivered cross by Konstantinos Tsimikas.
Ecstasy, elation, and cacophonic joy were witnessed at the Reds' end at Wembley, while Chelsea supporters were thrown into deafening silence, as the Liverpool captain handed his side the victory.
Chelsea's Cole Palmer and Liverpool's Joe Gomez were the remaining players handed yellow cards in the game, with Jurgen Klopp winning what could be the first of three trophies in his final season with the Reds.
Congratulations Liverpool!!!