This will be the first meeting between the two sides since the 2018 final, which the Spanish team won 3-1, thanks to a Gareth Bale brace. Both former champions were eliminated from the Round of 16 last season but have reached the last eight this campaign.
Real Madrid have been in fine form in the La Liga, where they are three points behind league leaders Atletico Madrid. Liverpool, meanwhile, are struggling to qualify in the top four after a dismal title-defence campaign.
Nonetheless, Liverpool have enjoyed a great run of form in the Champions League this season and could be more than a handful for Real Madrid.
Both teams have a plethora of talented players who also have immense experience of playing in the continental tournament, which makes this game a must-watch this week.
On that note, let's take a look at five players from either team who could play key roles in the outcome of this game.
#1 Casemiro (Real Madrid)
Though Real Madrid have a lot of depth in their ranks, Casemiro has proven himself to be indispensable.
He enjoys doing the dirty work in the middle of the park and his ability to break up play have has in handy for Real Madrid in various games across all competitions.
This season, Casemiro has also contributed in front of goal, scoring five times in the La Liga and also finding the back of the net once in the Champions League.
Defensively, he has been a rock for Real Madrid and leads in ball recoveries, tackles, interceptions and blocks.
Against Liverpool, he will most likely go up against Thiago Alcantara in the middle of the park, which could make for a pretty enticing duel.