Naby Keita opened the scoring for Liverpool after unleashing a stunning effort that flashed off the underside of the bar.
Trent Alexander-Arnold scored the second goal with a stunning effort from a free-kick.
Georginio Wijnaldum made it 3-0, before Olivier Giroud pulled one back.
Roberto Firmino added the fourth.
Tammy Abraham made it 4-2, before Christian Pulisic and Alex Oxlade-Chamberlain added more goals.
Liverpool script these superb records
Chelsea have registered just one league victory against Liverpool in 11 league meetings.
The Reds set a club record of 31 wins in a league season.
The win saw Liverpool equal the best Premier League home record for a season of 18 wins and a draw. It was previously set by Chelsea (2005-06), Manchester United (2010-11) and Manchester City (2011-12).
Notable stats from the Liverpool vs Chelsea encounter
After failing to score in 19 league games at home, Liverpool forward Firmino broke the jinx.
Chelsea have conceded 54 goals in the league this season.
They suffered their 12th defeat of the season.
Liverpool broke the 80-goal (82) mark in the Premier League 2019-20 season and became the second team to do so after Manchester City (97).