Liverpool crushed Benfica 4-1 to overturn a first-leg deficit and reach the Europa League semi- finals on Thursday.
Fernando Torres scored twice as the five-time European champion wiped out Benfica's 2-1 advantage from last week to advance 5-3 on aggregate.
Liverpool will now travel to Atletico Madrid on April 22 and host the second leg the following Thursday.
Liverpool crashed out of the Champions League, the competition it won in 2005, at the group stage and the Europa League now offers the only chance of ending a four-year trophy drought.
While Benfica is on course to win the Portuguese title, Liverpool is sixth in the English Premier League, four points adrift of the fourth Champions League spot.
Benfica was on a 27-game unbeaten run before Thursday but couldn't maintain their record at Anfield.
Dirk Kuyt headed the home side in front in the 28th minute after latching onto Steven Gerrard's corner to end a 1,084-minute goal drought.
Six minutes later, Lucas Leiva gave Liverpool a two-goal cushion after completing a swift counterattack.
Another lightning-quick break forward saw Liverpool go 4-2 in front on aggregate in the 59th minute. The Netherlands forward Kuyt crossed the ball to Torres, who fired the ball into the net from six meters.
Liverpool looked to be cruising into the last four, but Oscar Cardoza poked a low free kick through the defensive wall to make it 4-3 with 20 minutes to go.
Cardoza took another free kick shortly afterward, but his shot was deflected wide and Torres netted again in the 82nd minute.