The victory lifted Blackpool to ninth with 28 points while Liverpool, who brought in interim appointment Dalglish on Saturday to replace Roy Hodgson, are 13th on 25 after their eighth defeat in 11 away games.
Having seen Liverpool fall behind within two minutes of his first game in charge as they lost 1-0 to Manchester United in the FA Cup on Sunday, Dalglish had the opposite experience as he was on his feet cheering three minutes into Wednesday's game.
The impressive Martin Kelly slipped a pass into the path of Fernando Torres and the Spaniard looked just like his old self as he lashed in a shot from a tight angle.
Blackpool hit back nine minutes later when Gary Taylor-Fletcher forced his way into the box and finished neatly.
Manager Ian Holloway's team, who stunned Liverpool 2-1 at Anfield in October, again proved they have no fear of reputations - a quality they have shown throughout their amazing first season back in the top-flight for 39 years.
Both sides missed chances but it was Blackpool who finally found the target after 69 minutes when poor defending allowed DJ Campbell to head beyond Pepe Reina for his fifth goal in five games.
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