Leicester were hoping to follow up their tremendous 4-0 win against Leeds on Monday, but the Liverpool passing form proved too strong for them to overcome.
The first casualty came after just six minutes when Craig Hignett limped off with a hamstring injury.
From them on Liverpool began to dominate the game and by the 18th minute Michael Owen had found the back of the net, but the goal was disallowed.
Leicester took heed of the warning but moments later the defence brought down the Reds striker in a bungled clearance inside the penalty box.
Despite complaints to the referee Owen walked up to coolly smash the ball into the back of the net.
Harry Kewell made two more attempts on goal which were only matched by a James Scowcroft volley over the crossbar.
With 29 minutes gone Frank Sinclair also blasted a shot high over the post after Liverpool's defence could only manage a scrappy clearance.
The game began to turn around as Leicester pulled back some of the possession putting pressure on the Liverpool defence.
A free-kick followed for the Foxes with Marcus Bent coming close to making it a draw at half time, blasting a shot just off-target.
At half time the score was 1-0 to the home team, but with Liverpool finding themselves having to defend their lead.
The second half started just as fast paced as the first with three chances for the Reds from Kewell, Steven Gerrard and Owen going wide at the post.
But their perseverance paid off when in the 74th minute El Hadji Diouf laid the ball on for Emile Heskey, who snuck in behind the defence to slam it past keeper Ian Walker.
But Leicester would not give up and pushed the Liverpool defence right to the end with a fantastic goal by Bent in the dying minutes of the game.
Liverpool breathed a sigh of relief as the final whistle blew and they managed to hold on to the three points with their 2-1 win.
Liverpool: Dudek, Finnan, Biscan, Hyypia, Riise, Diouf, Gerrard, Smicer, Kewell, Heskey, Owen. Subs: Luzi Bernardi, Murphy, Diao, Le Tallec, Traore.
Leicester: Walker, Curtis, Sinclair, Taggart, Thatcher, Hignett, Izzet, Nalis, Scowcroft, Dickov, Bent. Subs: Impey, Stewart, Coyne, Scimeca, Deane.
Referee: M Halsey (Lancashire)