Manchester City have won the Premier League title for the second year in a row, coming from behind to win 4-1 at Brighton.
Liverpool also ran out 2-0 winners at home to Wolves, but it was not enough to overtake Manchester City, who went into the last game of the season with one point more than Liverpool.
Pep Guardiola is now the third manager – after Sir Alex Ferguson and Jose Mourinho – to claim consecutive Premier League titles.
Manchester City have won the Premier League. Credit: PA
Liverpool managed to leap to the top of the table one last time when they went 1-0 up through a Sadio Mane goal while Man City were still level pegging against Brighton.
Belief that Liverpool could turn things around on the last day of the season burgeoned further when Glenn Murray put Brighton ahead from a corner, sending ripples of jubilation across Anfield.
However, Manchester City responded almost immediately through Sergio Aguero and were able to put themselves back at the top of the table once more before half time, with Aymeric Laporte emulating Murray with a headed goal from a corner.
In the second half, Manchester City never looked in doubt, with Riyad Mahrez' superb solo effort putting one hand on the trophy and İlkay Gündoğan's equally impressive free-kick firmly grasping it with the second.
Manchester City overcame a scare to secure their second Premier League title in a row. Credit: PA
While Liverpool fans will no doubt be devastated they didn't claim the title on the final day of the season, it may come as some consolation that their points total of 97 is the most a team has ever claimed without winning the league in English top-flight history.
Indeed, both teams have been absolutely formidable in the run-in, with neither side losing a league game since January. Man City won their last 14 games in the league, while Liverpool won their last nine.
Liverpool were only beaten once all season, to Man City no less, who narrowed the gap from seven to four points with a narrow 2-1 victory over their title rivals at the Etihad on 3 January.
This title race was record-breaking not only in terms of the sheer dominance of Liverpool and Man City, but also in terms of how many times the lead changed hands – 34 times in total.
Man City have won the league for the second year in a row. Credit: PA
When Liverpool went 1-0 up against Wolves, it was only the second time ever that the 'as it stands' league leaders had changed during the last game of the season. The only time previously was in 2012, when Manchester Utd temporarily jumped ahead of Man City. However, the Citizens were able to wrestle the title back off their rivals with an injury time Sergio Aguero winner – clinching the trophy on goal difference.
Liverpool still have the Champions League to play for, having pulled off an unbelievable comeback to beat Barcelona in their semi-final second-leg at Anfield on Tuesday. They will face Tottenham Hotspur in the final, who pulled off an equally stunning recovery to beat Ajax in their semi-final second-leg the following day.
The final will take place at Madrid's Wanda Metropolitano stadium on June 1.