Milan added to Scudetto an other domestic trophy, Supercoppa Italiana, won thank a 3–0 over Lazio: Shevchenko resulted "man of the match", scoring all three goals. At the Serie A debut, it collected a draw (2–2) with a Livorno able to recover the double goal-gap. In autumnal times, Italian champions walked over Champions League group phase but Juventus proved to be too strong for retaining the title.

In knock-out European games, Milan defeated - in order - Manchester United, Internazionale and PSV reaching the second final in last 3 years. Last fixture was against Liverpool, after the side has surely gained the second place in league. In first half Ancelotti's men scored three times, once with his captain and twice with Crespo. However, in following time, English opponent managed to do the same in just 6' causing the match go on with extra time. Milan was not able to find a fourth point and had to face shoot-out. Shevchenko, which in 2003 had been the winner-man, missed his penalty resulting in Liverpool's unbelievable success.

Note: Flags indicate national team as defined under FIFA eligibility rules. Players may hold more than one non-FIFA nationality.

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