The match is the first of a double-header that can make or break Liverpool's season - and possibly go some way towards deciding whether manager Rafa Benitez remains at the club.
After playing Real, Liverpool make the short trip to Old Trafford on Saturday where anything other than a victory over leaders Manchester United will effectively end their already faint hopes of winning the Premier League.
"It is very important to approach this (Real) game thinking we have to win it and not think about any other result," said Benitez, whose side hold a 1-0 lead from the first leg in Madrid.
"What you must not do is think we are already there and it will be easy," the Spaniard told reporters.
"Clearly, Real Madrid are a very good team. They are doing well in the Spanish league. We won in the Bernabeu, which was very pleasing, but it's important we finish the job at Anfield."
Liverpool's inconsistency and poor home form has been their downfall since Christmas when they led the Premier League and seemed to be on course for their first championship since 1990.
"LIKE A FINAL"
"The match against Liverpool will be like a final," coach Juande Ramos said after Saturday's clash at the Bernabeu.
"It's going to be a difficult and passionate encounter and the players are massively fired up so they can give the fans something to cheer about."
The Portuguese international's defensive partner, Fabio Cannavaro, said Real were lucky to come away with a point and called for immediate improvement.
"We have to get our shape back and quickly as we cannot fail against Liverpool," the Italian World Cup-winning captain told reporters. "We have to play as a team and quickly forget the Atletico match."
