Tamas Priskin's goal gave Ipswich the first-leg advantage, holding off a defender before sliding the ball past goalkeeper Wojciech Szczesny in the 78th minute.
Kenny Dalglish's first Premier League match back as Liverpool manager ended in the club's second loss this season to Blackpool, which returned to the top flight after a 39-year absence.
Fernando Torres scored after three minutes, but Blackpool's Gary Taylor-Fletcher leveled nine minutes later and teammate D.J. Campbell's second-half goal inflicted Liverpool's 10th loss of the season.
Ipswich has had a turbulent week with Roy Keane leaving as manager and Paul Jewell appointed as his successor. The team is only three points above the League Championship relegation zone, and had been thrashed 7-0 at Chelsea in the FA Cup on Saturday.
