On that occasion, a double from Gareth Bale helped the La Liga giants to the trophy in a 3-1 victory.
Now the pair will battle it out once more for UEFA's prize trophy in Paris on Saturday night.
And no matter what happens on the pitch, both clubs are set to make a lot of money from this season's Champions League.
But who will make the most? talkSPORT.com takes a look…
Liverpool
If Liverpool win the Champions League, they will bag themselves a cool £93million in prize money alone.
For reaching the group stages, the Reds earned £13.1m. This was supplemented by £2.4m for each group stage win and £784,000 for each draw.
The Reds won all their group games, so earned another £14.4m.
Liverpool also picked up some income from UEFA because of their coefficient ranking.
UEFA then awarded Klopp's men £8.1m for reaching the knockout rounds plus £9.1m for making it to the quarter-finals.
Liverpool received a further £10.5m for reaching the semi-finals and £13.1m for making it to the final.
If they win, they would add £3.8m for lifting the trophy and an extra £3m for playing the UEFA Super Cup.
This is just the prize money they will make and doesn't include the fees from broadcasting and the 30% they will take from UEFA's prize pot for finishing second in the Premier League.
Real Madrid
Incredibly, Real Madrid will make more than the Reds even if they lose in Paris.
This is mainly down to their coefficient ranking. The La Liga giants have been pretty much Champions League ever-presents, so they are entitled to more money.
They will also receive more revenue because of their past performances in the tournament.
Real have won UEFA's premier competition four times in the last ten years, so they earn more than the Reds, who have reached the final in three of the last five years.
Therefore, if Carlo Ancelotti's side lose, they will take home £98m, and if they win, they will earn £102m in prize money plus all of the broadcasting and matchday income.
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