Bobby Zamora gave the home side an undeserved lead midway through the first-half, but Fernando Torres' stunning 42nd minute volley drew Liverpool level.
 
However, substitute Erik Nevland put the Cottagers back in front and the Reds were reduced to nine men in the latter stages as both Philipp Degen and Jamie Carragher were shown straight red cards in the space of three minutes by referee Lee Mason.
 
Clint Dempsey added a third goal for Fulham on an afternoon to forget for Rafa Benitez and his side.
 
Following his impressive performance at the Emirates in midweek, Degen retained a place in the Liverpool defence, with Glen Johnson sidelined due to injury.
 
Martin Skrtel and Daniel Agger were also absent, so Sotirios Kyrgiakos was handed a start alongside Carragher in the heart of the back four.
 
The game got underway with Liverpool determined to build some momentum in the Barclays Premier League, and Andriy Voronin was presented with the first chance inside three minutes, but the striker failed to properly connect with Dirk Kuyt's centre while off balance and Fulham were able to clear.
 
The opening exchanges were fairly low-key, with neither team able to impose themselves on the action.
 
But Liverpool gradually began to dominate the ball and the Reds were playing some eye-pleasing football around the immaculate Craven Cottage turf.
 
It was a flowing move that almost created an opening for Torres when Degen and Dirk Kuyt combined well down the right, with the latter sending a dangerous pass across the face of goal that narrowly evaded the lurking Spain striker.
 
The visitors went closer still on 22 minutes as Benayoun expertly brought down Degen's centre in the box before cannoning a volley against the crossbar of Fulham goalkeeper Mark Schwarzer.
 
However, the Cottagers took the lead moments later when Zamora was allowed to ghost into the box unmarked and steer Damien Duff's low cross from the left beyond Pepe Reina at close quarters.
 
It was a goal that came totally against the run of play and raised the noise levels of the previously subdued home faithful.
 
But they were silenced three minutes before half-time when Torres deservedly drew the Reds level.
 
Carragher's flighted ball towards the box was flicked on by Voronin, whose header ricocheted off Aaron Hughes and into the path of Liverpool's No.9 on the edge of the box - and Torres made no mistake with a first-time volley that arrowed into the bottom corner.
 
The Reds continued to press following the restart - though Fulham substitute Zoltan Gera manufactured a shooting opportunity for himself on the hour mark, but his shot lacked power.
 
Play was becoming increasingly stretched and the home fans appealed for a penalty when Zamora went tumbling under pressure from Carragher, but referee Lee Mason was quick to dismiss their pleas.
 
Benitez withdrew Torres soon after as the 25-year-old eases his way back into the groove following a recent injury. Ryan Babel was the No.9's replacement.
 
Fulham regained the lead in the 73rd minute thanks to a combination of their two half-time substitutes.
 
Paul Konchesky nicked possession away from Kuyt after the Dutchman had tried to keep the ball in play on the touch line. The full-back delivered a deep cross to the back post, which was headed back into the danger zone by Zoltan Gera, and Erik Nevland back heeled the ball past Reina.
 
With the home side lifted, Zamora lashed a powerful effort just over the bar soon after.
 
Liverpool's hopes of rescuing a point were dashed by the dismissal of Degen after the full-back was shown a straight red card following a challenge on Dempsey ten minutes from time.
 
Less than three minutes later and the Reds were down to nine men as Lee Mason sent off Carragher after the centre-back had tussled with Zamora on the edge of the box.
 
Dempsey compounded Liverpool's misery with a late third for the home side, and the Reds will now have to pick themselves up in time for Wednesday's Champions League clash with Lyon in France.