Paul Tisdale's side won promotion back to League One last season, but key injuries have contributed to an inconsistent start on their return to the third tier.
However, the Buckinghamshire club do have a recent history of claiming big scalps in the cup - most notably a 4-0 win over Manchester United at Stadium MK in 2014.
So, what can we expect from the hosts on Wednesday night? We caught up with Toby Lock (@Citizen_Toby) - sports editor for the MK Citizen - to get the lowdown.
Promoted back to League One last term, how has this season started?
It's fair to say it has been mixed, if not a bit disappointing. I think people wanted to see a battle for the play-off spots, but after just nine games, I think opinions are beginning to switch towards a more reserved level of expectation.
If they can get and keep everyone fit for a long period, Dons could cause problems for a lot of teams, but with several key hitters out, they're stumbling a little.
What are the expectations for the club for this campaign?
I think a mid-table finish will be a solid return to League One. There are some big teams in the division this term, and having seen how the other promoted teams have dealt with the step up, I think it shows just how difficult the third tier is.
Tell us about manager Paul Tisdale, how does he like his side to set up and play?
Despite being more than a year into his tenure, I still don't think we've been able to see Paul Tisdale's preferred formation in full swing. He wants to play a back three with wing-backs and three strikers, but injuries and availability have made that almost impossible.
Will he make any changes to his tactics against Liverpool?
Let's be honest, this isn't a game MK Dons are going to lose sleep over losing. They've got bigger fish to fry (as daft as that sounds) with a trip to League One rivals Sunderland at the weekend, but I don't think that will mean 'Tis' will make a lot of changes.
If nothing else, it will be a reward for those who have played well so far this season, and an opportunity for the players to maybe make a name for themselves. I don't foresee too many changes.
What is the team's biggest strength?
It's hard to tell at the moment because of their inconsistency. They defend well, with Russell Martin at the heart of the defence adding vital experience. The other centre-backs like to add to the attacks, so there is a lot of up-and-down from players in that backline.
Who will be the dangerman for MK Dons on Wednesday?
Sam Nombe has been on the fringes of the first team for many years, but this season he has become Dons' leading man. After four goals in three games a couple of weeks ago and making his first league start, he has not looked back.
Scoring against AFC Wimbledon has helped, too. He doesn't seem too fazed by who he comes up against, just causing a nuisance of himself with his pace and power.
The club have claimed big scalps in the cup in the past, what is the mood among the fans heading into the game with Liverpool?
There's obviously a level of excitement. The tickets sold out in rapid fashion, but I don't think anyone is expecting anything of the magnitude of the Manchester United game.
What have you made of Jürgen Klopp's side so far this season?
Honestly, I don't watch a lot of Premier League football - it bears so little resemblance to the game I watch week in, week out... that certainly explains why my fantasy league team is so bad!
But it's hard to ignore Liverpool's start to the season, and if they are to win a Premier League title at last, this is their best chance.
How do you expect MK Dons to line up?
What is your prediction for the match?
A one-sided scoreline, but a spirited display from the home side with eyes towards the weekend.