Steven Gerrard takes his unbeaten side to Victoria Park, where a bumper crowd is expected.
The young Reds have won the competition three times - the last of which came in 2007 after a victory over Manchester United at Old Trafford.
Hartlepool earned the right to host Liverpool courtesy of a 2-0 win over Carlisle United in the second round, with both goals coming in the final five minutes at Brunton Park.
The tie has to be decided on the night, with extra-time and penalties if necessary.
Ahead of the trip to the north east, here is our match preview...
Where is the game being played? The game is taking place at Victoria Park with kick-off set for 7pm GMT.
How can I watch the game? We will have highlights available on LFCTV and LFCTV GO. Click here to find out more.
View from the manager, Steven Gerrard
"I've said to the lads can we beat Hartlepool United now in the FA Youth Cup third round and then we will have three cups to look forward to [in the New Year].
"We have got a tricky banana skin tie. This is going to be Hartlepool's final, to play Liverpool at home.
"They are going to be right up for it so we need to be switched on, we need to be ready to go again and make sure that we don't have the same sloppy 20 minutes start that we had at Manchester United on Saturday, because if we do we could end up in trouble."