The 1987–88 season was the 96th season in Liverpool F.C.'s existence, their 25th consecutive year in the top-flight, and covered the period from 1 July 1987 to 30 June 1988.

The squad had altered significantly from the previous season, with star striker Ian Rush now at Juventus and player-manager Kenny Dalglish concentrating largely on the manager's job, though he was still registered as a player. In Rush's place was John Aldridge, signed halfway through the previous season from Oxford United, complemented up front by £1.9 million national record signing Peter Beardsley. Following Aldridge to Anfield from Oxford was winger Ray Houghton.

Liverpool enjoyed a record 29-match unbeaten start to the season and finished as champions with just two defeats from 40 league games and a nine-point gap between them and runners-up Manchester United, sealing the top division title for a record 17th time. They were widely expected to secure a unique second double, but surprisingly lost 1-0 to underdogs Wimbledon in the FA Cup final, in which their top scorer John Aldridge missed a penalty.

Following the departure of Ian Rush to Juventus of Italy in the summer, and the decision of player-manager Kenny Dalglish to only occasionally select himself for the first team, Liverpool had a new look attack for the 1987–88 season. Filling Rush's boots was John Aldridge, who had actually joined the club halfway through the previous season when Rush was still at Anfield. Alongside him was Peter Beardsley, the England forward signed from Newcastle United over the summer for a national record fee of £1.9 million. Another new signing was fellow England international John Barnes, the Watford winger, for £900,000.

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