The two sides met at Wembley for the first time since 1997, when a Gianfranco Zola strike beat a Three Lions side featuring former Reds midfielder Steve McManaman.
Oxlade-Chamberlain was the only Liverpool player to start proceedings, with Joe Gomez injured and Henderson and Lallana left on the bench.
For Italy, rumoured Reds transfer target Jorginho was named in Luigi Di Biagio’s midfield, giving supporters a good opportunity to witness his quality firsthand.
A superb early pass to Ciro Immobile outlined the technical quality at the Napoli man’s disposal, but it was an otherwise quiet night.
Again deployed in a central midfield role in Gareth Southgate’s preferred 3-4-3 formation, Oxlade-Chamberlain was a confident presence in the opening exchanges, and produced one surging run into the penalty area.
England took the lead in the 26th minute, as Jamie Vardy fired home against the run of play.
Oxlade-Chamberlain was booked for venting his anger at a free-kick going against him, kicking the ball away in frustration.
The 24-year-old hit the target with a fierce left-footed shot early in the second half, and his link-up play with the likes of Raheem Sterling and Jesse Lingard caught the eye.
Lallana replaced his Liverpool team-mate shortly before the hour mark, as he looked to give his faltering, injury-plagued season some momentum.
Henderson was also introduced with 17 minutes remaining, but neither he or his good friend Lallana had much of an impact.
Lorenzo Insigne equalised from the penalty spot late in the day, after VAR was successfully used, robbing the hosts of back-to-back friendly wins.
Elsewhere for the Three Lions, Dominic Solanke scored a late winner for the U21s against Ukraine, heading home to secure a 2-1 win for the youngsters.