Balotelli deleted an Instagram post which appeared to contain potentially racist and anti-Semitic references.
Mario Balotelli will be investigated by the Football Association, according to British media reports.
The Italy striker came off the bench to equalise with four minutes remaining at Anfield on Tuesday night.
In other results, Chelsea thumped the Shrews and WBA were knocked out by Bournemouth.
Liverpool manager Brendan Rodgers praised Mario Balotelli for "working hard and doing his best."
Liverpool will host Real Madrid at Anfield in tonight's Uefa Champions League Group B match.