Two of world football's most prestigious clubs face off in the 63rd edition of the final, in what is a repeat of the 1981 showpiece.
The Reds won that match 1-0 for the third of five European Cup triumphs, while Los Blancos are going in search of their 13th success on the continent this evening, including a third in a row.
Follow all of the action as it unfolds in the Ukrainian capital with our extensive updates below.
REAL MADRID: Navas; Carvajal, Ramos, Varane, Marcelo; Casemiro, Modric, Kroos; Isco; Ronaldo, Benzema
SUBS: Casilla, Nacho, Bale, Theo, Vasquez, Asensio, Kovacic
LIVERPOOL: Karius; Alexander-Arnold, Lovren, Van Dijk, Robertson; Henderson, Milner, Wijnaldum; Salah, Firmino, Mane
SUBS: Mignolet, Klavan, Clyne, Moreno, Can, Lallana, Solanke
Real Madrid really are kings of this competition, winning it for the fourth time in five years. The match will be best remembered for Gareth Bale's unbelievable strike to put his side a goal in front, while Loris Karius's howlers will also live long in the memory. Thanks for joining our live coverage of the match!
REAL MADRID ARE CHAMPIONS LEAGUE WINNERS FOR A THIRD SUCCESSIVE SEASON!
90+3 min FULL TIME: REAL MADRID 3-1 LIVERPOOL
90+1 min Just the three minutes of added time, in fact, so Madrid can start celebrating a third successive European Cup. A good showing from them, but the match had been in the balance prior to Bale's quite incredible overhead kick 63 minutes in.
89 min REAL MADRID SUB! Karim Benzema is taken off late on, replaced by Marco Asensio. Simply a case of seeing this one through now, with three or four minutes likely to be added on at the NSC Olimpiyskiy Stadium in Kiev
87 min Liverpool now need two goals in around six or seven minutes to force extra time. Milan, anyone? It has been a gripping second half, but this one is now surely over thanks to the impact made by Madrid forward Gareth Bale.
85 min Ronaldo is fuming with Bale for not squaring the ball when through, as he went in search of a first European Cup final hat-trick in 49 years. The Portuguese is not doubt upset that he has been massively overshadowed by Bale and Karius tonight!
83 min Well if he wasn't the greatest British export ever prior to tonight, Gareth Bale certainly is now. The Welshman has a second on the biggest stage of them all, albeit with a helping hand - pun intended - from Karius. Bale's shot from 30 yards flew through the air and went right through Karius, who got nothing to it.
82 min GOAL! REAL MADRID 3-1 LIVERPOOL (GARETH BALE)
80 min SAVE! This is going to be remembered as the Gareth Bale final years from now. The Welshman produces an incredible outside-of-the-boot pass for Benzema, whose volley was kept out by Karius. The game is very stretched now.
78 min The problem for Klopp is that he does not have the squad depth to change the game from the bench. Lallana is the one back-up player capable of producing something different, but he was brought on early due to Salah's injury.
74 min BLOCK! Ronaldo is through on goal but he took a stride too many, allowing Robertson to produce a last-ditch block and preventing a certain goal. Up the other end, Liverpool had a weak shout for handball rejected by the referee.
72 min OFF THE POST! Mane attempts to bend the ball into the bottom corner from the edge of the area, and he comes within inches of doing exactly that. The ball hit the post and went away from goal, rather than back into the centre of the box.
70 min Ramos with a huge interception to prevent Salah from tapping the ball in. The Reds are now on top and looking to draw themselves level for a second time. It only took them four minutes to equalise through Mane last time.
68 min Twenty goals for the season for Bale, and 16 Champions League goals in his career. That one is never being beaten, even if he goes on to play into his 40s. A once in a lifetime strike from the Wales international, which may just win this tie.
66 min The most bizarre goal in Champions League history and not quite possibly the best! Gareth Bale, on the pitch for two minutes, sends an overhead kick flying past Loris Karius from 10 yards. Marcelo left his teammate with so much to do, and they will show that one over and over again.
65 min GOAL! REAL MADRID 2-1 LIVERPOOL (GARETH BALE)
63 min REAL MADRID SUB! Gareth Bale is brought on in place of Isco for the final half an hour of this Champions League tie - and possibly longer if it remains this way. The Welshman has eight goals in his last eight La Liga outings.
61 min SAVE! Isco, who looks likely to make way for Bale in a few moments' time, turns six yards from goal but is thwarted by Karius. The German keeper made that one huge howler, but he has also produced a couple of decent saves.
59 min Unbelievable response from Liverpool, who are level within four minutes and 16 seconds of falling behind. This one surely has more goals in it; was always just a matter of time before it exploded into life, and that is exactly what has happened.
57 min This final has well and truly bust into life! Varane with a big touch to prevent Firmino from nodding in a Milner cross, and from the resulting corner Mane hooked Lovren's knockdown past Navas from a couple of yards out to level things up in Kiev!
56 min GOAL REAL MADRID 1-1 LIVERPOOL (SADIO MANE)
53 min Madrid have looked the stronger side since the restart, and they have made the breakthrough via the most incredible of goals - and not in a good sense! Karius attempted to roll the ball out to a teammate, only for the ball to hit Benzema's boot and trickle over the line. I hope that does justice to how shocking a moment that was!
52 min GOAL! REAL MADRID 1-0 LIVERPOOL (KARIM BENZEMA)
50 min OFF THE BAR! Liverpool, in contrast to the first half, have started the second half very slowly. The Reds fail to clear their lines and Isco had a big target to aim for, but he shinned his shot and the ball came back off the crossbar.
48 min No further changes made by either manager at the break, incidentally, so it is as you were from the end of the opening 45. No doubt that Los Blancos have the more talented options among their subs, with Gareth Bale among their back-up options.
46 min RESTART! We are back up and running at the NSC Olimpiyskiy Stadium in Kiev. News at half time is that Mohamed Salah has dislocated his shoulder, likely putting his World Cup participation with Egypt in doubt as well.
Benzema got a shot away from 20 yards right at the end of the first half after being given far too much time and space. Karius got down to his left but the save did not need making as the ball skipped narrowly wide. It is all square at the midway point!
45+4 min HALF TIME: REAL MADRID 0-0 LIVERPOO
45+2 min CLOSE! Benzema with a brilliant cross-field pass, which Nacho meets first time near the back post. Hearts in mouths moment for Liverpool, but the full-back could only volley the difficult chance into the side-netting.
45 min That is now one attempt on target apiece - Ronaldo's header would have stood had Karius not kept it out - in a gripping first half. Both these teams love scoring goals, but it looks as though the first half is going to end goalless.
43 min GOAL DISALLOWED! Benzema thought that he had given Madrid the lead, only for the offside flag to go up. Karius produced a superb stop to keep out Ronaldo's close-range header, and Benzema was the wrong side of Liverpool's defence from the follow-up.
41 min The first half has petered out as we enter its final few minutes. The big news so far is that Liverpool have lost key man Mohamed Salah to a shoulder injury, forcing Jurgen Klopp to turn to Adam Lallana. What a huge blow for the Reds!
39 min REAL MADRID SUB! Nacho comes on for the injured Dani Carvajal in a like-for-like change at right-back. The second quarter of the match has been quieter than the first, not helped by those two injury stoppages in the space of 10 minutes.
36 min The question that must be weighing heavily on the minds of every Liverpool fan is if their team can be victorious today without their star man.
35 min That will obviously mean a change of shape for Liverpool, as Solanke is clearly not trusted to slot into the space vacated by Salah. This is a big opportunity for Lallana to impress, having barely featured for the Reds all season due to injury.
33 min LIVERPOOL SUB! This is a huge, huge blow for Liverpool. Salah continued for all of two minutes following that awkward landing, but his night is now over. The Egyptian leaves the field in tears to be replaced by Adam Lallana.
31 min A real worry for Liverpool, as Sergio Ramos landed awkwardly on Mohamed Salah's shoulder when both players crashed to the floor. The physios inspected the damage before deciding that the Egyptian forward is OK to continue.
29 min Alexander-Arnold could not have done much more, really putting his foot through the ball and finding the target. Credit must go to Navas for watching the ball and not only keeping it out, but also stopping any player in red from pouncing on the rebound.
27 min SAVE! Liverpool with a couple of good chances to open the scoring in Kiev. Milner picked out Firmino, who swivelled on the penalty spot and saw his shot blocked by Ramos, before Alexander-Arnold's well-hit strike was held down low by Navas.
25 min Good covering from Ramos to get across and take the ball from Mane before the Senegalese forward could find his stride. The Reds look so dangerous when they get their front three involved, but credit to Los Blancos for dealing with them thus far.
23 min Still no shots on target thus far, and just one off target, but it has been a gripping enough opening quarter to the game. Liverpool have had the better of things, but they have so far been unable to create any sort of openings in front of goal.
21 min Van Dijk got his head to the corner after getting in front of Navas, but he could not direct it towards the empty net. Liverpool fans are the ones making all of the noise at the moment, buoyed by what has been a decent showing from their side.
19 min A cross towards the back post is dealt with by Liverpool; a cross into the Madrid boss moments later is dealt with. Ramos with a real howler from the next attack, however, helping the ball behind when there was nobody in red around him.
17 min SHOT! Madrid's best moment yet as they win back the ball and quickly get the ball forward. The angle was against him, but Ronaldo decided to take on the shot and sent it over Karius's crossbar. The Portuguese forward has yet to find his range!
15 min SHOT! Real danger for the back-to-back winners, as the ball bounces around inside their box. Firmino could not get a shot away, but Milner and Salah did, both seeing their shots blocked away. Klopp will be delighted with the way this match is panning out.
13 min Better from the reigning champions, as they take back some control of the game. Possession has been with Los Blancos for the past couple of minutes, but Liverpool are more than happy with that - they may have a chance to counter.
11 min A shot is dragged wide of Karius's goal as Madrid finally managed to get out of their own final third. The Reds have undoubtedly been the better side in the opening 11 minutes of the contest, without getting away an attempt on goal.
9 min Liverpool have started this match brilliantly, really getting at Madrid's defenders. Salah so very nearly in behind once again, and from the next attack a knockout was almost pounced on by Alexander-Arnold - Navas read it well to race out.
7 min Varane has been a very busy boy early on, getting his head and feet to numerous balls into the box. Salah then won a free kick on the edge of the box, which is worked short to the Egyptian but well closed down before it could travel.
5 min Wijnaldum with a shot that is blocked away on the edge of the box. Liverpool have started very brightly - they usually do in Europe, blowing teams away and then holding on for victory. Will we see something similar in Kiev tonight?
3 min In a stark contrast in experience, Madrid have seven starters who have featured in their three most recent Euro triumphs; Liverpool do not have a single Champions League finalist in their ranks. A big interception from Varane prevents Salah from getting in behind early on.
1 min KICKOFF! The time for talking is over! We are up and running in the 63rd European Cup final, with Real Madrid seeking a third-successive triumph against a Liverpool side aiming to win the trophy for a sixth time in their history. What a mouth-watering contest we are in store for in Kiev!