With Naby Keita bumped up to starter, he took over as substitute, and in the 80th minute, the manager turned to his No. 67 for one of his first changes.
At 18 years, 329 days, Elliott became the youngest player to represent the Reds in a major final, along with their youngest-ever to feature at Wembley.
Milner, 54 days after his 36th birthday, became the oldest to play for the club at the iconic stadium.
It took the teenager time to grow into the game, as he appeared to lack the intensity required, and his nerves were tested as the penalty shootout wore on.
With 16 players having already found the back of the net and the shootout into sudden death, Elliott stepped up as the ninth Liverpool player to enter the lottery.
Despite the efforts of Kepa Arrizabalaga to put him off, he converted coolly to keep Liverpool in it and on their way to winning the League Cup.
Liverpool have shown caution in Elliott’s reintegration after a long time out with a nasty injury, but the 18-year-old has proved he has the mettle to step up when needed on a regular basis.