| Aug 17 | Middlesbrough | Away | 3-3 | Bjornebye, Barnes, Fowler | 30,039 |
| Aug 19 | Arsenal | Home | 2-0 | McManaman 2 | 38,103 |
| Aug 24 | Sunderland | Home | 0-0 | 40,503 | |
| Sep 4 | Coventry | Away | 1-0 | Babb | 23,021 |
| Sep 7 | Southampton | Home | 2-1 | Collymore, McManaman | 39,183 |
| Sep 15 | Leicester | Away | 3-0 | Berger 2, Thomas | 20,987 |
| Sep 21 | Chelsea | Home | 5-1 | Berger 2, Fowler, Barnes, o.g. | 40,739 |
| Sep 29 | West Ham | Away | 2-1 | Collymore, Thomas | 25,064 |
| Oct 12 | Manchester U | Away | 0-1 | 55,128 | |
| Oct 27 | Derby | Home | 2-1 | Fowler 2 | 39,515 |
| Nov 3 | Blackburn | Away | 0-3 | 29,598 | |
| Nov 16 | Leeds | Away | 2-0 | Ruddock, McManaman | 39,981 |
| Nov 20 | Everton | Home | 1-1 | Fowler | 40,751 |
| Nov 23 | Wimbledon | Home | 1-1 | Collymore | 39,027 |
| Dec 2 | Tottenham | Away | 2-0 | Thomas, McManaman | 32,899 |
| Dec 7 | Sheffield W | Home | 0-1 | 39,507 | |
| Dec 14 | Middlesbrough | Home | 5-1 | Fowler 4, Bjornebye | 39,491 |
| Dec 17 | Nottingham F | Home | 4-2 | Collymore 2, Fowler, o.g. | 36,126 |
| Dec 23 | Newcastle | Away | 1-1 | Fowler | 36,570 |
| Dec 26 | Leicester | Home | 1-1 | Collymore | 40,786 |
| Dec 29 | Southampton | Away | 1-0 | Barnes | 15,222 |
| Jan 1 | Chelsea | Away | 0-1 | 28,329 | |
| Jan 11 | West Ham | Home | 0-0 | 40,102 | |
| Jan 18 | Aston Villa | Home | 3-0 | Carragher, Collymore, Fowler | 40,489 |
| Feb 1 | Derby | Away | 1-0 | Collymore | 18,102 |
| Feb 19 | Leeds | Home | 4-0 | Collymore 2, Fowler, Redknapp | 38,957 |
| Feb 22 | Blackburn | Home | 0-0 | 40,747 | |
| Mar 2 | Aston Villa | Away | 0-1 | 39,339 | |
| Mar 10 | Newcastle | Home | 4-3 | Fowler 2, McManaman, Berger | 40,751 |
| Mar 15 | Nottingham F | Away | 1-1 | Fowler | 29,181 |
| Mar 24 | Arsenal | Away | 2-1 | Collymore, McAteer | 38,068 |
| Apr 6 | Coventry | Home | 1-2 | Fowler | 40,079 |
| Apr 13 | Sunderland | Away | 2-1 | Fowler, McManaman | 21,938 |
| Apr 16 | Everton | Away | 1-1 | Thomsen (og) | 40,177 |
| Apr 19 | Manchester U | Home | 1-3 | Barnes | 40,892 |
| May 3 | Tottenham | Home | 2-1 | Collymore, Berger | 40,003 |
| May 6 | Wimbledon | Away | 1-2 | Owen | 20,016 |
| May 11 | Sheffield W | Away | 1-1 | Redknapp | 38,943 |
FA CUP
| Jan 4 | Burnley | Home | 1-0 | Collymore | 33,252 |
| Jan 26 | Chelsea | Away | 2-4 | Fowler, Collymore | 27,950 |
COCA-COLA CUP
| Oct 23 | Charlton | Away | 1-1 | Fowler | 15,000 |
| Nov 13 | Charlton | Home | 4-1 | Fowler 2, Wright, Redknapp | 20,714 |
| Nov 27 | Arsenal | Home | 4-2 | Fowler 2, McManaman, Berger | 32,814 |
| Jan 8 | Middlesbrough | Away | 1-2 | McManaman | 28,670 |
EUROPEAN CUP-WINNERS-CUP
| Sep 12 | MyPa 47 | Away | 1-0 | Bjornebye | 5,500 |
| Sep 26 | MyPa 47 | Home | 3-1 | Berger, Collymore, Barnes | 39,013 |
| Oct 17 | Sion | Away | 2-1 | Fowler, Barnes | 16,500 |
| Oct 31 | Sion | Home | 6-3 | Fowler 2, McManaman, Bjornebye, Barnes, Berger | 38,514 |
| Mar 6 | Brann | Away | 1-1 | Fowler | 12,700 |
| Mar 20 | Brann | Home | 3-0 | Fowler 2, Collymore | 40,326 |
| Apr 10 | Paris SG | Away | 0-3 | 35,142 | |
| Apr 24 | Paris SG | Home | 2-0 | Fowler, Wright | 38,948 |
PRE-SEASON
| Jul 24 | Crewe | Away | 1-0 | Charnock | 5,185 |
| Jul 27 | Porto | Neutral | 0-2 | 12,604 | |
| Jul 28 | Everton | Away | 0-0 | 12,812 | |
| Jul 31 | Norway | Away | 1-1 | Fowler | 20,800 |
| Aug 2 | Linfield | Away | 2-2 | Fowler 2 | 17,000 |
| Aug 4 | Dundalk | Away | 1-0 | McManaman | 8,000 |
| Aug 6 | Millwall | Away | 0-0 | 14,436 | |
| Aug 9 | PSV Eindhoven | Home | 2-3 | Collymore, Bjornebye | 8,316 |
| Aug 12 | Burnley | Away | 4-0 | Collymore 3, Fowler | 9,976 |
RESERVE TEAM
| Aug 22 | Birmingham | Away | 1-1 | Thompson |
| Aug 26 | Oldham | Home | 1-1 | Kennedy |
| Aug 31 | Nottingham | Home | 1-1 | Berger |
| Sep 2 | Blackburn | Away | 0-1 | |
| Sep 9 | Stoke | Home | 1-1 | Ruddock |
| Oct 1 | Everton | Away | 1-2 | Carragher |
| Oct 5 | Manchester U | Home | 0-3 | |
| Nov 6 | Tranmere | Away | 1-3 | Ruddock |
| Nov 9 | Sheffield W | Home | 4-0 | Collymore 2, Owen 2 |
| Dec 9 | Stoke | Away | 0-2 | |
| Jan 16 | Nottingham | Away | 2-1 | Thompson, Kennedy |
| Feb 6 | Leeds | Away | 0-1 | |
| Feb 12 | Leeds | Home | 3-2 | Owen 2, Kennedy |
| Feb 15 | Tranmere | Home | 2-1 | Owen, Prior |
| Feb 25 | Sheffield W | Away | 0-2 | |
| Mar 12 | Bolton | Home | 0-2 | |
| Mar 17 | Derby | Away | 0-4 | |
| Mar 25 | Oldham | Away | 3-0 | Owen 3 |
| Mar 27 | Blackburn | Home | 0-1 | |
| Apr 7 | Birmingham | Home | 3-2 | Kennedy 2, Owen |
| Apr 14 | Manchester U | Away | 0-4 | |
| Apr 17 | Bolton | Away | 3-0 | Roberts, Kennedy, Prior |
| May 5 | Derby | Home | 3-3 | Quinn 2, Owen |
| May 7 | Everton | Home | 3-1 | Dalglish, Thompson, Kennedy |
FA YOUTH CUP
| Dec 1 | Burnley | Home | 5-2 | Owen 3, Newby, Parkinson | 1,029 |
| Jan 7 | Manchester U | Home | 1-2 | Owen | 4,931 |