The Champions League semifinals draw took place in Nyon on Friday.
Liverpool will face Roma in the Champions League semifinals following the draw in Nyon on Friday.
In the other semi-final German champions Bayern Munich, who outlasted Sevilla, face 12-time winners Real Madrid, who needed a dramatic stoppage-time penalty from Cristiano Ronaldo to see off Juventus in the last round.
German champions Bayern and holders Real have met 24 times in Europe's premier competition and have eleven wins each from those encounters.
The pair clashed at the semi-finals stage in 2014 when the Spanish club won 5-0 on aggregate. They also met last season in the last eight when Real triumphed 6-3 on aggregate.
"I have to say, it's a cracking tie. A gigantic fixture, in a very positive way," said Bayern coach Jupp Heynckes, whose club have been knocked out by Spanish opposition in the last four seasons.
Having become the first side to win back-to-back titles in the Champions League era last season, Real Madrid want to be the first club since Bayern (1974–76) to claim three successive European Cups.
Emilio Butragueno, Real Madrid's Director of Institutional Relations said: "We need to get a good result in Munich to then take it back to the Bernabeu. At this stage of the competition it's impossible that you don't suffer.
"If we have to do so in order to get to the final, so be it. We really want to be there. It's been a tough Champions League thus far drawing Paris (St Germain), Juve and now Bayern."
Liverpool will have happy memories of their meeting with Roma in the 1984 European Cup final which was played in the Italian capital with the English side winning on penalties. The game will reunite Liverpool's top scorer this season, Mohamed Salah, with his former club.
The Premier League side will host Roma at Anfield on Tuesday, April 24 with Real at Bayern on Wednesday, April 25. The Germans visit the Spanish capital on May 1 with Roma's Olympic Stadium hosting Liverpool on May 2.
Liverpool staff gathered at the Melwood training base to watch the draw together, with the club's Twitter account depicting the tense scenes moments before the balls were picked out of the bowl.
Jurgen Klopp sat right up the back by himself, furthest away from the screen.
Liverpool reached the semi-finals after beating Manchester City in an all-Premier League quarter-final. Klopp's men seized control of the tie thanks to a 3-0 first-leg victory, with the Reds blowing away Pep Guardiola's side in an incredible 30-minute spell in the first half. They then fought off an onslaught at the Etihad to win 2-1 and confirm a 5-1 victory on aggregate.
The final awaits the winner of the tie, with the Champions League showpiece taking place at the NSC Olimpiyskiy in Kiev, Ukraine, on Saturday May 26.
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