On 17 August 2014, Coutinho started in Liverpool's first match of the 2014–15 season, a 2–1 win against Southampton at Anfield.
He created his first assist of the season in a 2–1 win against Swansea City in the fourth round of the League Cup, where he supplied the ball for Dejan Lovren to head the winning goal.

Coutinho scored his first goal of the season in a 3–2 away win against Queens Park Rangers on 19 October after coming off the substitutes' bench.
On 21 December, Coutinho scored Liverpool's first goal in a 2–2 draw against Arsenal at Anfield.

On 31 January 2015, Coutinho assisted both goals for Raheem Sterling and Daniel Sturridge in a 2–0 win over West Ham United.
On 3 February 2015, Coutinho signed a new long-term deal set to keep him at Liverpool until 2020.
On 4 February, just one day after extending his contract, he scored the winning goal in a 2–1 FA Cup fourth round match against Bolton Wanderers.
On 22 February, he scored the opening goal in Liverpool's 2–0 victory over Southampton.
In the next match, against Manchester City on 1 March, Coutinho scored the winning goal for Liverpool.
He won the PFA Fans' Player of the Month award for February.

On 8 April, Coutinho scored the winning goal in the 1–0 FA Cup sixth round replay win against Blackburn Rovers at Ewood Park after slotting the ball into the bottom left corner of the net.
Eleven days later, he scored past goalkeeper Shay Given in the FA Cup semi-final against Aston Villa at Wembley Stadium, although Villa won 2–1.
On 26 April, Coutinho was the only Liverpool player named in the PFA Team of the Year.
On 2 May, Coutinho scored the opening goal, and provided the assist in the 87th minute for Steven Gerrard's winner in a 2–1 win over Queens Park Rangers.
Seventeen days later, he was named the team's Player of the Season.
At the end of the season, he was shortlisted for the PFA Players' Player of the Year and the PFA Young Player of the Year, ultimately losing to Eden Hazard and Harry Kane respectively.
On 17 August 2014, Coutinho started in Liverpool's first match of the 2014–15 season, a 2–1 win against Southampton at Anfield. He created his first assist of the season in a 2–1 win against Swansea City in the fourth round of the League Cup, where he supplied the ball for Dejan Lovren to head the winning goal.
Coutinho scored his first goal of the season in a 3–2 away win against Queens Park Rangers on 19 October after coming off the substitutes' bench. On 21 December, Coutinho scored Liverpool's first goal in a 2–2 draw against Arsenal at Anfield.
On 31 January 2015, Coutinho assisted both goals for Raheem Sterling and Daniel Sturridge in a 2–0 win over West Ham United. On 3 February 2015, Coutinho signed a new long-term deal set to keep him at Liverpool until 2020. On 4 February, just one day after extending his contract, he scored the winning goal in a 2–1 FA Cup fourth round match against Bolton Wanderers. On 22 February, he scored the opening goal in Liverpool's 2–0 victory over Southampton. In the next match, against Manchester City on 1 March, Coutinho scored the winning goal for Liverpool. He won the PFA Fans' Player of the Month award for February.
On 8 April, Coutinho scored the winning goal in the 1–0 FA Cup sixth round replay win against Blackburn Rovers at Ewood Park after slotting the ball into the bottom left corner of the net. Eleven days later, he scored past goalkeeper Shay Given in the FA Cup semi-final against Aston Villa at Wembley Stadium, although Villa won 2–1. On 26 April, Coutinho was the only Liverpool player named in the PFA Team of the Year. On 2 May, Coutinho scored the opening goal, and provided the assist in the 87th minute for Steven Gerrard's winner in a 2–1 win over Queens Park Rangers. Seventeen days later, he was named the team's Player of the Season. At the end of the season, he was shortlisted for the PFA Players' Player of the Year and the PFA Young Player of the Year, ultimately losing to Eden Hazard and Harry Kane respectively.
Philippe Coutinho