Heart failure (HF) is a major public health problem leading to frequent hospitalizations, impaired quality of life, and shortened life expectancy. Heart failure leads to a chronic inability to meet metabolic requirements of end organs or skeletal muscle. Current literature lacks comprehensive descriptions of HF effects on hepatic function. In this review paper, we summarize the literature that is available in hopes of highlighting the key differences in clinical presentation, histological findings, and biochemical profiles of patients who present with both acute and chronic liver injury secondary to HF. We further discuss the use of liver function tests as prognostic markers in patients with HF, as well as the implications of liver injury on drug metabolism in this patient population. Finally, we provide recommendations regarding the management of both types of liver injury in HF patients.