Jurgen Klopp's side won 30 of its 38 matches and lost just once, only to miss out on the title by one point as Pep Guardiola's Manchester City retained the trophy.
Liverpool's 97-point haul is the best accrued by a team that has finished second in the Premier League's 20-club era.
But how does it compare to other runners-up in Europe's major leagues, who racked up the points but still finished without winners' medals?
Scottish Premier League 2002-03: Celtic (97 points)
Finishing second with 97 points has been done before, and Celtic came even closer than Liverpool. Celtic and its Glasgow rival Rangers finished with identical records (31 wins, four draws and three defeats) but the Gers, who scored 101 times, had a +73 goal difference, one better than the Bhoys' +72. The two had the same goal difference heading into the final round of games but Rangers' 6-1 victory over Dunfermline meant they got the trophy instead of Celtic, who could only win 4-0 against Kilmarnock.
LaLiga 2009-10: Real Madrid (96 points)
After bringing in Cristiano Ronaldo, Kaka and Karim Benzema before the season, Real Madrid would surely have expected to end the campaign with some silverware. Yet it was Guardiola's Barcelona who once again won the title. Madrid scored 102 goals and had 31 victories - as many as Barca. However, four defeats, including two to their great rivals - proved costly in the final standings as Barca finished three clear on 99 points.
Serie A 2017-18: Napoli (91 points)
A 5-0 win over Cagliari at the end of February moved Napoli four points clear at the top of Serie A, yet it was reeled in by a Juventus team that went on to make it seven Scudettos in a row. Maurizio Sarri's Napoli even won at Juventus in April but dropped points in six of its final 12 fixtures, leaving them four adrift of the Bianconeri in the final standings.
Premier League 2011-12: Manchester United (89 points)
Seven years ago City was involved in an even more dramatic title race when they ended a 44-year wait to win the top flight by scoring twice in stoppage time to beat QPR. Its cross-city rival Manchester United had beaten Sunderland and was waiting on the full-time whistle at the Etihad Stadium but, with 93:20 on the clock, Sergio Aguero rifled in a winner to seal the title for City on goal difference.
Ligue 1 2016-17: Paris Saint-Germain (87 points)
PSG has won six titles in the previous seven seasons, but it was pipped to the crown in 2016-2017 by a Monaco team featuring Kylian Mbappe, Bernardo Silva and Fabinho. Monaco, which also reached the Champions League semi-finals, won 18 of its final 20 games, drawing the other two, to clinch the title with an eight-point gap to the Parisians. PSG's response was to splash the cash and sign Neymar and Mbappe in the off-season.
Bundesliga 2015-16: Borussia Dortmund (78 points)
A relentless pace caused by a Guardiola team once again proved too much for the nearest challengers as his Bayern Munich side retained the title by taking 88 points from a possible 102. Dortmund impressed in Thomas Tuchel's first campaign at the helm, winning 24 of its 34 matches, but it still finished 10 adrift of Bayern, whose 5-1 victory in October showed the gulf between Germany's two leading clubs.