The former Arsenal player underwent scans today and knee ligament damage was confirmed.
Liverpool have issued a statement confirming that the severity of the injury will prevent Oxlade-Chamberlain from taking part in the tournament in Russia.
"The extent of the injury means Oxlade-Chamberlain is set to miss the remainder of the campaign for Liverpool, as well as the World Cup in Russia with England," Liverpool said in a statement.
"Oxlade-Chamberlain will now begin a rehabilitation programme to enable him to reach full fitness again as soon as possible, returning to action next season."
The Reds added that there is no specific time frame in place for Oxlade-Chamberlain's return.