AC Milan gained revenge for their amazing defeat in the 2005 Champions League final against Liverpool by beating the Reds 2-1 in Athens thanks to a Filippo Inzaghi brace.
The Rossoneri were far from their best and Rafa Benitez's side dominated the match for long spells but the Italian side did enough to clinch their seventh European Cup and fifth since 1989.
After a quiet opening, Liverpool created the first opening in the tenth minute when a Marek Jankulovski error let in Jermaine Pennant whose angled drive was parried by Dida with his right hand.
Two minutes later Pennant, who saw a lot of the ball throughout the evening, got to the byline and pulled the ball back to Steven Gerrard - but it was a bad pass and the Reds captain was unable to get a shot on goal.
When play moved to the other end, Inzaghi beat the offside trap but was just unable to gather Andrea Pirlo's lofted throughball.
Kaka's long-range shot then took a wicked bounce, but Pepe Reina was equal to the effort before Pennant's cross found Gerrard only for the England man to fire a shot way over the bar.
As Liverpool began to get on top, Milan struggled to clear their lines and the ball broke to Xabi Alonso just outside the area but the Spaniard dragged his shot narrowly wide with Dida struggling.John Arne Riise then tried his luck from 30 yards out but the Norwegian's rasping effort sailed over the bar before another Jankulovski error allowed Dirk Kuyt a sniff of goal, but a brilliant Alessandro Nesta block denied the Dutchman
Just when it looked as though the first half would end goalless, Alonso conceded a free-kick on the edge of the area for a foul on Kaka.
Andrea Pirlo's free-kick looked poor but it hit Inzaghi and deceived Reina who was diving the other way as the ball nestled in the back of the net.
It was tough luck on the Premiership side and they continued to hold the upper-hand after the interval.
Another Pirlo free-kick on the hour beat the Liverpool wall but curled over the bar before Gerrard wasted a great opportunity to equalise.
The England man cruised past Nesta and moved into the penalty area only to see his shot saved by Dida.
Substitute Harry Kewell, on for the dreadful Bolo Zenden, set up Riise to fire another ambitious effort well wide before Gerrard's raking 30-yard drive also failed to find the target.
With eight minutes left, Milan doubled their lead. Kaka played in Inzaghi, who beat the offside trap, and the veteran striker rounded Reina before tapping the ball under the keeper's body and into the back of the net.
Kuyt headed a late consolation goal for the Reds but there was to be no repeat of their amazing comeback of two years ago, as the Italian side held on to clinch yet more success in Europe.