It is the third season in a row that the two have met in the competition, with Real coming out on top in last season’s final thanks to a second-half goal from Vinicius Junior.
The two also met in the final in 2018 – Real won 3-1 on that occasion – and met again in 2021 – Liverpool again lost 3-1 on aggregate at the quarter-final stage.
Elsewhere, Bayern Munich were held to a draw against Paris Saint-Germain in another sensational clash, while Manchester City take on RB Leipzig.
Antonio Conte’s Tottenham take on AC Milan after sealing top spot in the group stage, and Graham Potter’s Chelsea were held to a tricky-looking draw by Borussia Dortmund.
Eintracht Frankfurt take on Serie A leaders SSC Napoli, Club Brugge take on Benfica and Inter take on Porto.
Champions League last 16 draw
- RB Leipzig vs Manchester City
- Club Brugge vs Benfica
- Liverpool vs Real Madrid
- AC Milan vs Tottenham
- Eintracht Frankfurt vs Napoli
- Borussia Dortmund vs Chelsea
- Inter vs Porto
- Paris Saint-Germain vs Bayern Munich
When are the last 16 ties?
The first legs of the last 16 stage of the 2022/23 Champions League are due to be played on 14, 15, 21 and 22 February.
The return legs will take place on 7, 8, 14 and 15 March.
Key dates for 2022/23 Champions League
The quarter-final and semi-final draw will take place on 17 March. The identities of the semi-finalists will not be known at the time of the draw, as the quarter-finals will take place afterwards in April.
The quarter-finals will be played on 11, 12, 18 and 19 April, the semi-finals on 9, 10, 16 and 17 May. The final, to be played at the Ataturk Olympic Stadium in Istanbul, will take place on 10 June.