Brendan Rodgers' men battled to an unconvincing and undeserved 3-2 win over QPR in the Premier League on Sunday, just days out from facing the high-flying Real at Anfield.
Lovren, who partnered Martin Skrtel in the centre of defence at Loftus Road, is certain Liverpool will avoid such a poor performance again.
"We will not play like that against Real Madrid, you can be sure of that," he said.
"We will be better. We cannot play like this because we know what we can expect from Real Madrid. Their players, we know who they are and we will prepare a little bit different.
"It's not daunting. It's a pleasure to play against these players. I am not afraid. No-one in our team is afraid.
"We respect their players but we will show something completely different on Wednesday."
In a remarkable finish in London, four goals were scored in the dying stages as Steven Caulker's own goal decided the contest in Liverpool's favour.
Lovren said he had expected more from his team, describing the first half as one of their worst of the Premier League campaign.
"We knew it would be a difficult game at QPR but I thought we would show a little bit more and that we would be a bit stronger, but we weren't," he said.
"The first half was as bad as we’ve played in the opening eight games.
"The second half was much better but when you are 1-0 up you need to calm things. We had a chance for 2-0 and if we had taken it then it's a different game."
