Match ends, Leicester City 2, Liverpool 3.
Philippe Coutinho scored a brilliant first goal of the season and Jamie Vardy had a penalty saved as Liverpool survived a Leicester fightback to end their run of four games without a win.
The Foxes won 2-0 in their Carabao Cup third-round meeting on Tuesday, but the Reds exacted revenge on their return to Premier League action.
Coutinho set up Mohamed Salah for the opener and then struck a majestic free-kick to give his side a two-goal lead at King Power Stadium.
But Shinji Okazaki poked home from close range just before the break to give Leicester hope, before a frantic five-minute spell in the second half saw the balance of the game fluctuate dramatically.
Jordan Henderson netted from a Liverpool counter attack to make it 3-1 and seemingly secure the points but the hosts responded a minute later when Vardy headed into an empty net after Simon Mignolet pushed Demarai Gray's shot into his path.
Vardy then earned a penalty when he was brought down by Mignolet, but the Belgian kept out the England striker's spot-kick, which followed his usual tactic of going straight down the middle.
Liverpool had few further scares to survive as they held on for a timely victory after a modest run of form, the win moving Jurgen Klopp's side up to fifth in the table.
Leicester remain just above the relegation zone with merely a win and a draw from their opening seven matches.
Many Liverpool fans were resigned to never seeing Coutinho in a red shirt again after he handed in a transfer request over the summer, with Spanish giants Barcelona chasing his signature.
But Liverpool would not sanction his £114m move and, on his second Premier League start of the season, he showed the key part he still has to play for Klopp's side.
The former Inter Milan playmaker's deep cross from the edge of the box was perfectly flighted for summer signing Salah to head in at the far post, with Foxes keeper Kasper Schmeichel caught out by the Egypt winger's neat finish.
In contrast, Schmeichel had no chance of stopping the Brazilian's free-kick, which bent beautifully around the wall and into the corner of the net.
It looked like Coutinho's magnificent first-half performance would be the talking point, but as ever with a Liverpool team that struggles to defend with assurance, there was more drama to follow.
Liverpool avoid another capitulation
Prior to this match, Liverpool had lost 20 points from winning positions since the start of last season and it looked like Vardy was going to haunt them once again.
The England striker had scored two goals in each of his last two appearances against the Reds, but he was denied an equaliser and another double by a smart penalty save from Mignolet, who had conceded the penalty despite making contact with the ball before he clattered into the home striker.
Liverpool boss Klopp has faced plenty of criticism over their recent form - which has seen them draw two and lose two in all competitions since the emphatic win over Arsenal - so he celebrated with trademark gusto at the final whistle after picking up all three points.
"I really think in a moment like this so many things are positive," he said. "The three points are the proof for the public that we are still here, everything is good. Let's make the next step together."
Foxes come away with nothing
Craig Shakespeare's first match as Leicester manager back in February was a win over Liverpool and his Foxes side was surely buoyed by their cup victory on Tuesday.
Their game plan will have focused on exposing the Reds' well-documented defensive frailties and it almost got them a point.
Vardy was a constant menace and it was no surprise when he got his customary goal, while Liverpool's vulnerability when defending crosses was exposed for Okazaki's scrambled effort.
The England forward was again causing alarm in the visiting defence when his blocked effort fouind its way to substitute Daniel Sturridge, who orchestrated a counter attack that led to Henderson's cool finish for Liverpool's ultimately decisive third.
Shakespeare said: "I am struggling to digest it myself. You come in after contributing to another fabulous game of football but ultimately we've come away with nothing.
"The disappointing thing for me was at 2-1 down we conceded a third goal. It was a difficult game for us - it ebbed and flowed but we go away disappointed."
Man of the match - Philippe Coutinho
Mignolet the penalty king
- Since joining Liverpool for the 2013-14 season, Simon Mignolet has saved seven of the 15 Premier League penalties he's faced; more than any other keeper.
- Since beating Liverpool at the King Power last season, the Foxes have lost each of their last seven Premier League games against the 'big six' teams, conceding 20 goals.
- Liverpool have conceded 10 goals in their last three Premier League away games; the most the Reds have ever conceded over a three-game period on the road in the competition.
- Jamie Vardy has bagged six goals in his last four Premier League games against Liverpool - the most he has scored against any Premier League side.
- Philippe Coutinho has scored more goals from outside the box than any other player in the Premier League since his debut (16).
Leicester travel to AFC Bournemouth next Saturday (15:00 BST) while Liverpool are in Champions League action on Tuesday against Spartak Moscow (19:45 BST) before facing Newcastle on Sunday, 1 October in the Premier League.
- 26MahrezSubstituted forGrayat 61'minutes
- 25NdidiBooked at 22mins
- 11AlbrightonBooked at 17minsSubstituted forSlimaniat 80'minutes
- 20OkazakiSubstituted forIheanachoat 74'minutes
- 9VardyBooked at 90mins
- 22MignoletBooked at 72mins
- 32MatipBooked at 45mins
- 6LovrenBooked at 56mins
- 23CanSubstituted forMilnerat 74'minutes
- 9FirminoSubstituted forSturridgeat 64'minutes
- 10CoutinhoSubstituted forOxlade-Chamberlainat 79'minutes
- Anthony Taylor
- Shots on Target
Second Half ends, Leicester City 2, Liverpool 3.
Foul by Alex Oxlade-Chamberlain (Liverpool).
Kelechi Iheanacho (Leicester City) wins a free kick in the attacking half.
Delay over. They are ready to continue.
Delay in match Alberto Moreno (Liverpool) because of an injury.
Jamie Vardy (Leicester City) is shown the yellow card for a bad foul.
Alberto Moreno (Liverpool) wins a free kick in the defensive half.
Foul by Jamie Vardy (Leicester City).
Jordan Henderson (Liverpool) wins a free kick in the defensive half.
Foul by Harry Maguire (Leicester City).
Attempt missed. Georginio Wijnaldum (Liverpool) right footed shot from the centre of the box misses to the right. Assisted by Alex Oxlade-Chamberlain.
Joel Matip (Liverpool) wins a free kick in the defensive half.
Foul by Wes Morgan (Leicester City).
Attempt blocked. Wilfred Ndidi (Leicester City) right footed shot from outside the box is blocked.
Offside, Liverpool. Daniel Sturridge tries a through ball, but Mohamed Salah is caught offside.
Foul by Dejan Lovren (Liverpool).
Jamie Vardy (Leicester City) wins a free kick in the defensive half.
Corner, Liverpool. Conceded by Kasper Schmeichel.
Attempt saved. Daniel Sturridge (Liverpool) left footed shot from outside the box is saved in the bottom right corner. Assisted by Alex Oxlade-Chamberlain.