The 2018–19 season began with a 2–1 victory over Sevilla to win the domestic supercup. In February 2019 Valverde signed a new one-year contract extension, as they went on a 23-match unbeaten streak and secured a second consecutive league title under him in April following a victory over Levante. He led his team to their first Champions League semi-final after a gap of three years, winning 3–0 at home against Liverpool but being eliminated after an upset 0–4 defeat at Anfield in the second leg, leading many to call for his dismissal. He also guided the side to another Spanish Cup final, this time losing 2–1 to Valencia.