Aiming to mastermind Liverpool’s 17th success in this tradition-steeped fixture, Arne Slot’s new attacking additions got off to the perfect start to open the scoring inside four minutes, as Hugo Ekitike linked up brilliantly with fellow newcomer Florian Wirtz and worked enough space on the edge of the box to pick out the bottom corner.
Palace responded well to the setback and had a penalty mere moments later, when Alisson Becker was deemed to have halted Jean-Philippe Mateta, as Virgil van Dijk brought down Ismaila Sarr.
Not to be denied again, Mateta sent Alisson the wrong way from the spot to restore parity in the 17th minute.
With Palace wanting more, Daniel Munoz crossed for fellow wing-back Tyrick Mitchell, who couldn’t find the target.
Liverpool were soon ahead again, though, as Jeremie Frimpong bizarrely dinked the ball over Dean Henderson and inside the far post with 20’ being shown on the clock, in a poignant moment for Liverpool.
Will Hughes replaced the injured Daichi Kamada just before the half-hour mark and fired over from another Muñoz cross, before the Colombian made another burst forward with the break approaching and delivered a ball that narrowly evaded Sarr.
The action didn’t slow down at all after the restart, with Ekitike heading wide from one opportunity and narrowly placing his shot off-target within seven second-half minutes.
Palace still pushed forward and Eberechi Eze saw a strike deflected behind, before Chris Richards’ header from the ensuing corner was routinely held.
Adam Wharton then intercepted Dominik Szoboszlai’s pass, before slipping Eze through for a shot that Alisson was equal to.
After Wirtz had fired harmlessly over at the other end, Sarr showed his clinical touch by latching onto Wharton’s pass and sending his effort in off the post.
A last-ditch Milos Kerkez block was required to deny Sarr moments later, Mohamed Salah fired straight at Henderson, then Mateta blazed his shot over with both teams searching for a winner.
With Palace still fighting tooth and nail to win the Community Shield on their very first attempt, Justin Devenny then came agonisingly close to snatching it, missing the left post by inches after a decent ball to the edge of the box.
That meant a penalty shootout beckoned, and having come so close to a winner before, Devenny emphatically took his moment to ensure Crystal Palace lifted the Community Shield having also gone a 10th competitive match in a row unbeaten.
In contrast, Liverpool are winless in their last five contests across all competitions, and have won just one of their last seven Community Shield matches as Premier League champions.
Flashscore Man of the Match: Adam Wharton (Crystal Palace)
Read all about the key stats behind how Palace stunned Liverpool.