The Foxes went ahead after just 12 minutes when a fine move saw Marc Albrighton and Christian Fuchs combine before the latter sent a delivery into Islam Slimani, who nodded home at the back post.
But City’s lead lasted only eight minutes, as Philippe Coutinho’s well-weighted ball over the top of the Leicester defence was flicked in by Mohamed Salah.
A superb Albrighton effort then slammed into the side-netting just after the half-hour mark, before Liverpool turned the game on its head.
While their first goal was well-worked, Coutinho’s was even better, as the Brazil international curled into the top corner from the edge of the box.
Just as he had done against West Brom, Jamie Vardy whizzed an effort just past the post, before only a last-ditch challenge Ragnar Klavan prevented the England forward from pulling the trigger inside the box shortly after.
Opportunities were at a premium following Vardy’s double chance, and while Leicester couldn’t break through Liverpool’s defence for a second time in the game, the players will no doubt reflect on a valuable run out against the Reds.
Key moment
City started positively and deservedly went in front through an Islam Slimani header, only for Mohamed Salah’s reply to halt the Foxes’ momentum.
But it was Philippe Coutinho’s excellent goal on the stroke of half-time that ultimately won it for Jurgen Klopp’s men.
The former Internazionale man netted 14 times in all competitions last term and has started this pre-season with a goal and an assist during his first appearance.
Who impressed?
Harry Maguire was one of only two outfield players to notch up 90 minutes against Liverpool on Saturday, with the other proving to be Christian Fuchs.
The centre back defended well against the Reds and his searching passes from the back could be of great value to the Foxes during the upcoming campaign.
Maguire started both of City's Premier League Asia Trophy games and is proving to be brilliant summer addition to the squad.
Coming up…
After concluding their Premier League Asia Trophy campaign, Craig Shakespeare’s men return to England on Monday before contesting a series of pre-season friendlies.
First up is a trip to Kenilworth Road on Wednesday 26 July (7.45pm kick-off) to face Luton Town.