Kevin Campbell breaks the derby deadlock with a low shot on the turn after a flick-on by Duncan Ferguson.
Michael Owen scores his first ever derby goal from the penalty spot after David Unsworth had sent Emile Heskey crashing to the ground inside the area.
After falling behind to a Campbell goal with less than five minutes on the clock, the Reds fought back with goals from Gerrard, Owen and Riise.
Steven Gerrard levels for Liverpool with a blistering right footed drive into the top corner after creating space for himself inside the area.
On his derby debut John Arne Riise gives the Reds a two goal cushion after bursting past Steve Watson and sliding the ball under Everton goalkeeper Paul Gerrard.
Pre-match press conference at the Melwood training ground.
Match day commentary with Steve Hunter.