The Reds have only lifted the trophy on two occasions since 1992, with their last success coming in 2006, when they overcame West Ham United on penalties following a 3-3 draw.
Jurgen Klopp's side are still looking to win a quadruple this season, preparing to take on Real Madrid in the Champions League final at the end of the month, but they have fallen three points behind leaders Manchester City in the Premier League table.
Liverpool will face Southampton and Wolverhampton Wanderers in their final two league games of the campaign, but their full focus will currently be on securing FA Cup glory.
Here, Sports Mole has taken a look at the club's route to the FA Cup final, starting with the third-round success over Shrewsbury and ending with their semi-final victory over Man City.
Third round (4-1 vs. Shrewsbury Town)
Liverpool fell behind in the 27th minute of their third-round clash with Shrewsbury, as Daniel Udoh shocked Anfield by making the breakthrough.
Liverpool then made sure of the victory in the 78th minute when Roberto Firmino found the back of the net, before Fabinho added gloss to the scoreline by netting his second and his side's fourth in the final exchanges.
Fourth round (3-1 vs. Cardiff City)
Again at Anfield in the fourth round of the competition, Liverpool swept aside Championship outfit Cardiff City, although it was a difficult first 45 minutes for the Premier League giants.
Liverpool then scored a third in the 76th minute through Harvey Elliott, and Rubin Colwill's 80th-minute effort for Cardiff only proved to be a consolation for the visitors, as Klopp's side progressed.
Fifth round (2-1 vs. Norwich City)
Norwich proved to be tricky opposition in the fifth round of the competition, but Liverpool placed themselves in a strong position to reach the quarter-finals courtesy of a first-half double from Minamino.
It was a nervy finish at Anfield, as Lukas Rupp registered for Norwich in the 76th minute, but Liverpool managed to resist some late pressure to progress to the final eight courtesy of a narrow success.
It was a third straight home fixture in the competition for the Reds, but they would have to win a difficult quarter-final away to Nottingham Forest to reach the semi-finals.
Quarter-finals (0-1 vs. Nottingham Forest)
Having beaten Premier League duo Arsenal and Leicester City in this season's competition, Forest would have been in a confident mood ahead of their last-eight clash with Liverpool on March 20.
As expected, the home side made it very tough for Liverpool, and there were plenty of moments where it appeared that the match would be swinging the way of the second-tier outfit.
However, Jota came up with the winning goal in the 78th minute of the contest to ensure that Klopp's team would reach the final four of the competition at the expense of the Championship side.
Semi-finals (2-3 vs. Manchester City)
A brilliant first-half performance from Liverpool in the semi-finals saw them open up a three-goal lead over Man City, and the Citizens could not respond despite enjoying the better of the second period.
Jack Grealish had one back for Man City in the 47th minute, but Pep Guardiola's side could not score a second until the 90th minute through Bernardo Silva, and they ultimately left it too late, with Liverpool progressing to the final of the 2021-22 FA Cup.