A pulsating encounter at the Liberty saw the Swans and Liverpool share the spoils in a four-goal thriller.
The game got off to a flying start, with two goals in the opening four minutes.
Jonjo Shelvey made a dream start against his former club after two minutes, scoring his first Swansea goal since leaving Anfield last summer.
The England international then saw his pass back intercepted by Daniel Sturridge, and the striker ensured Liverpool were on level terms just two minutes later.
Debutant Victor Moses edged Liverpool ahead in the 36th minute as he intercepted Shelvey's attempted pass to Angel Rangel before firing past Michel Vorm.
Wilfried Bony went close to levelling soon after, only for Martin Skrtel's superb block tackle to deny him.
But the Swans came out for the second half determined to find an equaliser, and they got their goal in the 64th minute as Shelvey's flicked header found Michu, and the Spaniard thundered home from 12 yards out.
The point moved the Swans onto four points from their opening four league games, with a trip to Valencia in the Europa League up next on Thursday before league matters are back on the agenda as Michael Laudrup's side visit Crystal Palace.
The Swans made two changes to the starting XI.
Following the 2-0 win at West Brom last time out, Michael Laudrup was forced into a change on the wing with Nathan Dyer starting as Pablo Hernandez - a scorer in that win at The Hawthorns - missed out through a hamstring injury.
The other change saw Leon Britton - suspended for Thursday's Europa League Group Stage opener in Valencia - return to midfield on his 31st birthday.
Alvaro Vazquez - a deadline day loan signing from Getafe - was included amongst the substitutes.
For Liverpool, ex-Swan Joe Allen missed out through injury along with centre-back Daniel Agger though deadline-day signings Mamadou Sakho and Victor Moses were given debuts by Brendan Rodgers.
SWANS: Michel Vorm, Angel Rangel, Chico Flores, Ashley Williams (capt), Ben Davies, Leon Britton, Jonjo Shelvey, Michu, Nathan Dyer (Jonathan de Guzman, ht), Wayne Routledge, Wilfried Bony (Alejandro Pozuelo, 66).
SUBS: Gerhard Tremmel, Jordi Amat, Dwight Tiendalli, Jose Canas, Alvaro Vazquez.
LIVERPOOL: Simon Mignolet, Andre Wisdom (Kolo Toure, 70), Mamadou Sakho, Martin Skrtel, Jose Enrique, Lucas, Steven Gerrard (capt), Jordan Henderson, Philippe Coutinho (Iago Aspas, 54), Victor Moses (Raheem Sterling, 81), Daniel Sturridge.
SUBS: Brad Jones, Luis Alberto, Jordan Ibe, Martin Kelly.
With an international break behind them, both teams got off to a flying start.
The Swans were ahead inside two minutes, with Jonjo Shelvey sidefooting home against his former club after persevering following an initial mis-hit volley.
But the celebrations had barely settled down inside the Liberty as just two minutes later, Shelvey saw his attempted pass back to Michel Vorm intercepted by Daniel Sturridge, who coolly beat the Dutchman from 12 yards out.
Both sides went in search of another goal, with Wilfried Bony's deflected shot well held by Simon Mignolet and Shelvey curling a 25-yard effort high and wide following neat work by Nathan Dyer while, for the visitors, Sturridge failed to make the most of a counter attack and Jordan Henderson saw his effort blocked by Ben Davies.
Sturridge was then dealt a great opportunity to edge Liverpool ahead as he met Victor Moses' cross down the visitors' left flank, but the striker's header from six yards out was swatted away by Vorm.
The Swans hit back, Michu setting up Bony following an exquisite exchange between the two, but Mignolet got down low to gather.
Bony then volleyed over from a Wayne Routledge cross, before Liverpool edged ahead in the 36th minute.
After Moses intercepted Shelvey's pass, the winger raced on before cutting inside and firing low into the corner.
But the Swans had an opportunity to level two minutes later as Mignolet parried Nathan Dyer's shot along goal, and with the goal at his mercy, Bony was denied by a spectacular sliding challenge from Martin Skrtel.
Half-time: Swans 1 Liverpool 2
Michael Laudrup made a change at the break, with Jonathan de Guzman replacing Dyer.
As the Swans looked to make a bright start, it was Liverpool who created the first chance as Steven Gerrard's free-kick was touched back along goal by Jordan Henderson to Andre Wisdom, but Vorm reacted quickly to gather.
But the Swans did get the goal they were looking for, as Shelvey was at the heart of things once again as his header found Michu, and the Spaniard fired into the bottom corner in the 64th minute.
Laudrup soon made another change, Alejandro Pozuelo coming on for Bony which meant Michu moved up front.
The drama continued, with Shelvey's attempt from a free-kick saved low down by Mignolet before Michu's volley bounced harmlessly wide from a Mamadou Sakho clearance.
Both home substitutes then combined as Pozuelo squared to de Guzman, but his rasping effort flew wide.
The Dutch international then tested Mignolet to the limit with three minutes left, as his free-kick was touched wide for a corner by the keeper at full stretch.
Five minutes of added on time followed, and more drama followed.
Michu saw his volley from Routledge's cross saved by Mignolet, and then a last-gasp challenge from Chico Flores denied Sturridge from unleashing a shot just 12 yards out.
But both teams were forced to settle for a share of the spoils in a thrilling encounter.