The Italian giants managed to avenge their defeat by Liverpool in the 2005 final when they threw away a 3-0 lead.
AC Milan took the lead after Filippo Inzaghi deflected a free-kick from Andrea Pirlo past Liverpool goalkeeper Reina.
Inzaghi made it 2-0 in the 82nd minute, after Kaka passed a precise ball through to the striker, who tucked the ball under Reina.
Liverpool hit one back just before full time, when a corner was flicked on by Carragher and Kuyt scored from close range.
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Summer 2016 is set to be a very exciting time for football fans, as this is when the long awaited Euro 2016 tournament kicks off.
Since Guus Hiddink arrived at the helm, Chelsea have improved considerably after a tricky start to the campaign.