It was the home side who made a fast start to proceedings with Junior Hoilett justifying his recent praise.
Chances were few and far between in the opening stages of the match, however, at a subdued Ewood Park.
Liverpool were reduced to 10 men after 25 minutes, however, when Liverpool stopper Doni felled Hoilett in the area, only for Rovers' top scorer Yakubu to step up and send the penalty straight at substitute goalkeeper Brad Jones.
Blackburn continued to push for a goal in the latter stages of the half, and Yakubu made amends for his penalty miss when he headed a David Dunn cross into the net after 36 minutes.
Grant Hanley might have levelled with five minutes of the half remaining, but it remained 2-1 at the break.
Carroll so nearly added Liverpool's third moments into the second period, but he headed wide from close range.
Bellamy might have fed Carroll after 52 minutes, but he lost possession in a good spell for the away side.
Blackburn's first real chance of the second period came just before the hour mark when Hanley tested Jones with a header.
Blackburn were awarded another penalty after 61 minutes, however, when Jones felled Yakubu in the area, and the Nigerian stepped up to level the match at 2-2.
It was Liverpool who looked the most likely with 20 minutes remaining, but Blackburn were always a threat on the break and Hoilett so nearly added their third after 73 minutes.
Hanley again headed wide for the home side after 78 minutes, with both sides looking for the winner in the latter stages.
The winner came in stoppage time courtesy of Carroll who headed home to secure all three points for Liverpool.
The result leaves Liverpool in eighth in the Premier League, while Blackburn remain in the bottom three.