But Jurgen Klopp's side began their campaign with a whimper, seemingly exhausted from a dogged 2021/22 season - in which they played a total of 63 matches in all competitions.
From their first six Premier League fixtures this term, Liverpool picked up just nine points from a possible 18.
Perhaps the Reds' eye-catching 9-0 win over Bournemouth in August offered supporters a false sense of security for what was to come.
With top-three finishes in each of the four previous domestic campaigns, there were expectations that the Reds would eventually come good and climb the table.
But by the mid-way point, Liverpool found themselves in sixth place on 28 points. And come the end of January, they would also be knocked out both the FA and EFL Cups.
After the post-World Cup restart, the Reds went on a dismal run of form again and found themselves at risk of dropping into the bottom ten, winning just two matches out of six.
Around game-week 30, deep into the season, Liverpool finally began to resemble their former selves and racked up the points to mount a late push for European football.
A seven-match winning streak thrust the Reds from eighth to fifth in the dying embers of 2022/23, while Arsenal faltered in the title race and a fierce relegation battle involving Everton raged on.
Notably, Liverpool claimed an emphatic 7-0 victory over bitter rivals Manchester United at Anfield around this positive run of form in spring.
However, fast-forward a couple of months and Man Utd and Newcastle secured third and fourth, condemning Liverpool to a season in the Europa League.
All things considered, the galvanised Reds can consider themselves somewhat fortunate for their rise up the table and return to form ahead of 2023/24.
Summer transfers
Klopp added three names to the first-team roster last summer, with Darwin Nunez the most notable acquisition.
Fabio Carvalho's transfer went a little under the radar at the time, but the 20-year-old impressed with two goals in 13 appearances this season.
Right-back Calvin Ramsay, 19, is yet to make his Premier League debut for Liverpool, but did feature twice in other competitions and looked bright. An injury sustained in February ruled him out for the remainder of the season.
There is hope both youngsters will go on to impress in the future, particularly Carvalho, who could leave the club on loan, but only time will tell.
23-year-old Nunez, however, despite what a general consensus would tell you, had an impactful season at Anfield, scoring nine goals and bagging three assists across his debut term.
Winter transfers
After a positive World Cup outing with the Netherlands, it was clear Cody Gakpo would make a move to the Premier League.
A few names were thrown around as possible destinations, including Man Utd, but Liverpool landed their man ahead of the competition.
The 24-year-old showed flashes of brilliance in his first few matches in red, rounding off the season by stringing together some impressive performances - with seven league goals and a couple of assists to his name.
Juventus misfit Arthur would become Klopp's second addition of the winter, with Liverpool in desperate need of reinforcements in midfield, but he failed to feature, in no small way because of injury woes.
Any potential purchase agreement for the Brazilian, who joined on a short-term loan deal, is now seemingly off the table.
Post-season review
A lot will be made of Liverpool finishing fifth in 2022/23, but it need not be as dramatic as it initially seems.
Obviously it's a failure, given the heights the Reds have fallen from, and somewhat symptomatic of a lack of real investment from the club's ownership.
Liverpool have been made to pay for a sluggish and staggering start to the season.
Klopp's men also struggled after the break for the World Cup, despite fans hoping there would be a rebirth of sorts after the winter.
If we are to take the exhausting 2021/22 season into account and attribute it with some blame for crestfallen performances this term, then surely the whimper that was 2022/23 should put some thunder into red legs for 2023/24.
Mind, Liverpool will have to contend with Europa League football next year - a suitable price to pay for a dramatic drop in form - but there are reasons to be positive for the Anfield faithful in the long-term.
Key players and future signings
Alisson Becker and Mohamed Salah were two stand-out performers for Liverpool this season.
Opta's numbers had the Brazilian shot-stopper down as the most successful in the Premier League for preventing goals, while the Egyptian winger notched up 31 goal contributions at the other end of the pitch.
Roberto Firmino, James Milner, Alex Oxlade-Chamberlain and Naby Keita have all played their last matches for Liverpool.
These men will need to be replaced in some way, be it through players already in the squad or numerous fresh additions this coming summer.
Midfield has been a big problem for Liverpool, often overpowered in this area of late, and it's a puzzle Klopp needs to work out in the transfer market.
Brighton's Argentine star Alexis Mac Allister has been heavily linked, much like Chelsea's Mason Mount, but their long-term futures are yet to be realised.
New arrivals are an absolute must for Liverpool this summer, but let's focus on the players already at the club.
Midfielders Curtis Jones, 22, Harvey Elliott, 20, and Stefan Bajcetic, 18, are sure to play even more significant roles next term, with all three impressing in rashes across 2022/23.
With Firmino leaving the club, it's expected that Cody Gakpo, who has found his form at Anfield, will absorb the significant gap left by the Brazilian.
The burden won't be entirely on the Dutchman, though - with Nunez, Luis Diaz and Carvalho also able to slot into Liverpool's front three, alongside Salah and Diogo Jota.
