The Reds looked in control at half-time after Luke Chambers opened the scoring inside seven minutes, before Florian Wirtz doubled their advantage five minutes before the break.
However, Leeds produced a remarkable second-half comeback. Brendan Aaronson pulled one back in the 60th minute before Dominic Calvert-Lewin levelled soon after.
Sean Longstaff then completed the turnaround with a deflected effort, while Calvert-Lewin added his second with a powerful header five minutes from time.
Liverpool made several changes after the break, including Ryan Gravenberch for his first pre-season appearance.
Despite creating opportunities, the Reds could not respond as Leeds secured an impressive victory.