The all-English final, which featured 2019 Champions League winner Liverpool and 2019 Europa League winner Chelsea, saw a hard-fought competition throughout.
Chelsea’s French forward Olivier Giroud gave his team the lead in the 36th minute.
But Liverpool picked up their tempo as winger Sadio Mane equalized three minutes into the second half.
With regular time ending 1-1, the match went into extra time.
Mane found the net again to put Liverpool in front 2-1 in the 95th minute.
In the 101st minute, Chelsea midfielder Jorginho pushed a penalty kick in for his team, and the game went to penalties.
The penalty shootout saw Roberto Firmino, Fabinho, Divock Origi, Trent Alexander-Arnold and Mohammed Salah making no mistake from the spot for Liverpool.
For Chelsea, Jorginho, Ross Barkley, Mason Mount and Emerson found the net four times in a row.