Liverpool stepped up their attack and nearly levelled the score twice. Colombian forward Luis Diaz found himself in space inside the box, but Jose Sa did well to deny him.
Naby Keita also went close when he reacted fastest to a rebound, but the Guinean midfielder's shot cannoned off a Wolves defender and out for a corner.
Liverpool would not be denied a third time and soon found the equalizer through a familiar face. A brilliant pass from Thiago Alcantara met an onrushing Sadio Mane, whose magnificent shot into the left post made the score 1-1.
Wolves nearly restored their lead late in the first half, but after receiving a low pass, Hee-Chan Hwang saw his drilled shot brilliantly smothered by a charging Allison in Liverpool's goal.
Early in the second half, Mana bagged his second of the game, but as the Senegalese celebrated with his teammates, the VAR broke Liverpool hearts, cancelling the goal off for an offside in its buildup.
As news of Manchester City's equalizer in the 2-1 win against Aston Villa trickled in, Anfield was visibly tense. Wolves continued to defend with fearless blocks and perfectly timed challenges to frustrate the would-be champions.
With five minutes left on the clock, Liverpool went ahead for the first time in the contest, with Mohamed Salah arriving late at the far post to tuck in a close-range effort into the back of the net.
Liverpool struck again minutes later, with Andy Robertson and Roberto Firmino combining well for a third goal, showing the style which kept their quadruple hopes alive so far.
In the end, Manchester City's inspired second half at home was enough to see them beat Liverpool to the title by a single point, with Jurgen Klopp's men finishing with an impressive 92 points.
Liverpool will be keen to be celebrating in six days when they travel to Paris for a replay of the 2018 UEFA Champions League final against Real Madrid.