The England international left the north London club for £35million in the summer to reignite his career on Merseyside.
But was left on the bench for his emotional return to his old stomping ground, before coming on for the final six minutes of the game.
The match itself was a thriller, as Liverpool stormed into a two-goal lead and looked set to take all three points from their Premier League rivals.
Alexis Sanchez stepped up to the plate however, and hit back at the Reds just moments later to half the deficit.
His action sparked a frantic five minutes in which Arsenal bagged twice more to take the lead for the first time on the night.
But Roberto Firmino had the final say 20 minutes before the end to ensure the two sides would share the spoils.
After the game cameras focused on Oxlade-Chamberlain as a section of the Emirates started to boo their former player.
Taking it all in his stride, the 24-year-old responded by simply clapping all four sides of the stadium, receiving much applause back from other Arsenal fans.
Speaking about the result, Arsene Wenger praised the spirit his side showed in getting back into the game.
He said: “In the second half we have shown quality, character and played at our level.”
Jurgen Klopp on the other hand criticised his side’s defending, saying: “Three goals at Arsenal should be enough.
“We defended most of the time pretty well. We did not give space away.
“After they score the first and the second, it is not easy but we need to deal with these situations better.”