Both players will retire from professional football when the 2012-13 season concludes this weekend, each bringing the curtain down on highly successful careers.
Much of their trophy glory was shared at Anfield, perhaps most famously during the treble campaign of 2000-01 when Gerard Houllier guided the Reds to victory in the League Cup, FA Cup and UEFA Cup.
The duo struck up a lasting friendship during their fledgling days in the Liverpool youth team and Owen has a wealthy collection of anecdotes to share regarding the 35-year-old.
"Straight away when you think of a story about Carra, you think of the naughty pranks that he'd do in a hotel room," Owen told LFC TV's new 'Carragher' documentary.
"I was fortunate in many ways that I was with him so we were doing the pranks on other people, as well as getting done ourselves. I didn't get too many.
"Anything for a laugh really; it was never to harm anyone, but if you ever ordered room service then he had these wild ideas.
"The knock on the door comes, a sandwich or something, and he said 'Quick, I'll take my clothes off and start doing press-ups in the middle of the floor' just to see their reaction. I think he liked seeing people's reaction, thinking: 'What is he doing?'
"There were a few times when he was doing naked press-ups in the middle of the room when I opened the door for the porter to bring the sandwiches in.
"He would just do it to get the reaction from whoever was bringing it in. That was a typical thing he would do; never any harm, it was just testing people's reactions."
Despite his penchant for pranks, though, Owen revealed that the man who has made more than 700 appearances for the Reds was always obsessed by one subject - football.
The striker continued: "Having a big mate like Carra and breaking into the team at a similar time; he's a little bit older than me but we were both getting into the squad at the same time.
"Back in those days, we used to share rooms. Nowadays everyone is on their own but back in those days we shared rooms so we talked football as soon as we got on the coach straight after training at one o'clock until we got to the hotel at seven o'clock.
"Then right the way through the night - we sat by each other at dinner, we talked to each other until the early hours of the morning and the conversation was always football.
"If I ever had any problems, I'd talk to my dad or Carra and he'd be the same with me. I've seen him at the lowest of the lows when he's been dragged off in games, and seen him at his high points as well.
"After Istanbul and things, I'm pretty certain I was one of the first people he called and vice versa. Some people you just look out for, even when we were playing together.
"If anyone else gets the ball, you're doing what's right and you're showing for the ball. But when he gets on the ball, you're willing him to do so well because you know how much it means to him and he's your best mate.
"In many ways, we have lived each other's career, certainly in the first half of it until I left to go to Madrid. Even then we're still on the phone all the time and we meet up from time to time. That friendship will remain."
Having spent extended time at close quarters with Carragher before departing to join Real Madrid in the summer of 2004, Owen knows the centre-back's strengths better than most.
"In his head, that's his strength. I think it's my strength as well and if you're going to get to the top in your profession - we're all born and you get what you're given in many respects in terms of your body, whether it's fast or slow or robust - once you're given that, the rest of it is in your head and mind," said the former England international.
"He's as tough as they come, mentally. I think that's his No.1 thing - he's so driven, he wanted to be the best, he never wanted to let anyone down.
"He lived in the city so he was fearful that if he scored an own goal or cost us the game or made a mistake, he's got to go and face the fans in his local pub.
"I was obviously a Chester lad so there was a bit of mixture between Everton, Manchester United, Manchester City and Liverpool fans where I live.
"But he was right in amongst it and he felt that pressure; in many ways it drove him on to want to produce good performances for his fans and not to let anyone down."
A new documentary featuring Jamie Carragher's managers, teammates and some high-profile opponents airs for the first time at 7pm BST on Friday, May 24 on LFC TV. 'Carragher' will also be available on LFC TV Online and will conclude a fortnight of tributes across club media.