Mac Allister was shown a red card for a high tackle on Ryan Christie in the 58th minute. The sending off seemed harsh, with Bournemouth manager Andoni Iraola saying after the match that it "did not look like a red card".
"An independent Regulatory Commission has removed Alexis Mac Allister's three-match suspension following a claim of wrongful dismissal," the FA said in a statement.
Liverpool are fifth in the Premier League standings with four points from two games. They travel to face Newcastle United on Sunday.