Liverpool progressed to the Carabao Cup semi-finals by edging out Leicester City 5-4 on penalties after a pulsating 90 minutes had ended in a 3-3 draw.
The Reds fielded several youngsters and fringe players and their opponents took full advantage in the first-half, going into the interval 3-1 up.
However, after introducing a number of first-teamers at the interval, Liverpool rallied well in the second period and sent the game to spot kicks with a last-gasp equaliser scored by Takumi Minamino.
In the shootout the scores were level 4-4 after 10 penalties - with Luke Thomas and Minamino failing to convert - sending things to sudden death. Ryan Bertrand then missed for the Foxes, which allowed Diogo Jota to win the game for the hosts.
The visitors started strongly and grabbed the lead when James Maddison slipped in Jamie Vardy, who fired past Caoimhin Kelleher into the bottom corner. Minutes later, Vardy doubled his side's advantage, finishing off another counter attack by powering home Patson Daka's low cross at the back post.
Liverpool were not rocked by this double hammerblow, responding with a goal of their own from Alex Oxlade-Chamberlain, but they were soon on the back foot again as Maddison fired home a rocket from 25 yards.
Vardy should have netted a fourth before the break but his effort cannoned back off the post, before Liverpool - who introduced Ibrahima Konate, Diogo Jota and Milner at the interval - had their own chances.
The Reds continued to turn the screw and did reduce the arrears with 22 minutes to play, when Diogo Jota finished emphatically after bursting past Jannik Vestergaard.
Energised by a raucous Anfield crowd the Liverpool pressure kept on coming in the second period as the game grew increasingly littered with fouls, and they eventually got their reward when Minamino chested down James Milner's cross and struck the ball low and hard past Schmeichel.
The Japan international failed to repeat his heroics in the shootout, with Jota instead sending Liverpool into the semi-finals which will also include Chelsea, Tottenham and Arsenal.
Here are your player ratings for both teams...
Liverpool player ratings
1. Goalkeeper & defenders
Caoimhin Kelleher (GK) - 5/10 - Came off second best in a string of one-on-ones. Redeemed himself with two saves in the shootout.
Conor Bradley (RB) - 5/10 - The best of Liverpool's young guns. Full of aggression and enthusiasm.
Joe Gomez (CB) - 4/10 - Not as his best. Clumsy in possession and Leicester enjoyed plenty of joy against him.
Billy Koumetio (CB) - 2/10 - Pretty bad to be honest. Positioning was all over the place at times. Rightly dragged at half time.
Kostas Tsimikas (LB) - 5/10 - His crossing was a real threat. Questions can be asked of him defensively.
Jordan Henderson (CM) - 4/10 - Tried to plug the gaps but there was just too many. Improved in the second half before being subbed.
Tyler Morton (CM) - 3/10 - Struggled with his positioning and the pace of the game as Leicester ripped through the midfield with ease.
Alex Oxlade-Chamberlain (CM) - 7/10 - Really nice goal. Some good defensive moments too and kept running right until the end.
Neco Williams (RW) - 5/10 - Impact was minimal. Not convinced this is the right role for him.
Roberto Firmino (ST) - 7/10 - Some lovely hold-up play and passes. Got an assist, laying it on a plate for Oxlade-Chamberlain.
Takumi Minamino (LW) - 6/10 - A few bright moments but not always involved. Made up for a marginal display by sending the game to penalties at the death. Could not win it in the shootout.
Ibrahima Konate (CB) - 6/10 - The Reds looked a lot more settled with him at the back. Left one on Albrighton which created a real flashpoint.
Diogo Jota (RW) - 8/10 - Came on and scored soon after. Some player.
James Milner (CM) - 7/10 - Beaten easily a couple of times but set up the equaliser with a great pass.
Naby Keita (CM) - 7/10 - Contributed to Liverpool's impressive second-half resurgence.
Owen Beck (LB) - N/A
Leicester player ratings
5. Goalkeeper & defenders
Kasper Schmeichel (GK) - 5/10 - A couple of unforced errors. His kicking could have been much better. Did come up with a few important saves, though not in the shootout.
Ricardo Pereira (RB) - 5/10 - Taken off with an injury again following a nasty tackle from Tyler Morton. Looked sluggish before that.
Wilfred Ndidi (CB) - 5/10 - A bit flustered at first in an unfamiliar role but he grew into things. His missed header sent the game to penalties.
Caglar Soyuncu (CB) - 7/10 - A competent display for the most part. Made an incredible block to deny Firmino in the second half, but frustratingly injured himself in the process.
Luke Thomas (LB) - 6/10 - Defended so, so well - even when the Reds brought on the big guns. Shame about the penalty.
Youri Tielemans (CM) - 7/10 - So good to see him back and firing. Chased back relentlessly out of possession and kept his side it ticking over when they had the ball.
Boubakary Soumare (CM) - 7/10 - An archetypal box-to-box performance. He was decisive at both ends of the pitch and filled in the wide areas diligently.
Kiernan Dewsbury-Hall (CM) - 6/10 - An energetic and at times effective display. Should have scored after the break.
James Maddison (AM) - 8/10 - Excellent once again. HIs incredible goal rounded off a devilish and creative performance.
Patson Daka (ST) - 7/10 - His ideal game as there was so much space in behind. Subbed in the second half with one eye on Premier League commitments.
Jamie Vardy (ST) - 8/10 - Rolled back the years with a statement performance, albeit against tame opposition. Only criticism is that he could have scored more than two.
Marc Albrighton (RB) - 6/10 - Reliable as ever. Almost started a riot after being on the end of a poor tackle from Konate.
Kelechi Iheanacho (ST) - 4/10 - Struggled to get into the game.
Jannik Vestergaard (CB) - 4/10 - Caught flat-footed for Jota's goal.
Ryan Bertrand (CB) - 5/10 - His introduction saw Leicester move to a back three. Did okay. Missed from 12 yards.