The young Reds, who won Group C, were handed an away tie with the Croatian club during Friday’s draw in Nyon.
Zagreb defeated Lokomotiv Moscow on penalties in a play-off earlier this week to reach the knockout stages.
All last-16 ties, which will be played on March 12/13, are one-off games with extra-time and penalties if required.
If Liverpool progress to the quarter-finals, they would face either Chelsea or Montpellier away from home.
Last-16 draw
Atletico Madrid v Real Madrid
Barcelona v Hertha BSC
Chelsea v Montpellier
Dinamo Zagreb v Liverpool
Hoffenheim v Dynamo Kyiv
Lyon v Ajax
Midtjylland v Manchester United
FC Porto v Tottenham Hotspur
Stay logged on to Liverpoolfc.com for confirmed fixture details.