Liverpool nearly took the lead on eight minutes when French striker Anthony Le Tallec headed the ball into the path of Steven Gillespie but the young forward could only screw the ball wide of the Bolton goal.
On 13 minutes Le Tallec was once again the provider as he set up his fellow countryman Bruno Cheyrou but the former Lille forward could only watch as his stunning effort rebounded back off the woodwork.
Five minutes later Delroy Facey like likewise for the Wanderers. The former Huddersfield Town striker fresh from a loan spell with Lancashire rivals Burnley saw his effort tipped onto the woodwork by Reds keeper Jerzy Dudek.
Bolton midfielder Lewis Hamlin then saw his shot well saved by Dudek and it was from the resulting corner that the Trotters took the lead when Ricky Shakes rose unmarked for his first goal of the season.
Cheyrou then gave possesion away and Wanderers could have furthered their advantage but Dudek made a good point blank save from the young Bolton midfielder Bedi Buval.
Mark Smyth then equalised for Liverpool on 36 minutes. Steven Gillespie was set up well by Le Tallec but the young forward saw his shot well saved by Jeremy Bon in the Bolton goal only for Smyth to tap home the rebound.
Senegal striker El Hadji Diouf then had chances either side of half time to get the Reds into the lead but he was twice thwarted by the young Bolton keeper Bon. However on 47 minutes he turned provider as his right wing cross was converted by Smyth for his second of the game to put Liverpool in the lead at 2-1.
Anthony Le Tallec then tested Bon with a fierce drive before the home side put the game beyond doubt when on 69 minutes Diouf headed home a cross by Jason Massie.