The full-back will spend the 2013-14 season at Bloomfield Road after becoming Paul Ince's fifth summer signing, with the Reds able to recall him within 28 days
The 19-year-old becomes Paul Ince's fifth summer signing following the arrivals of Michael Chopra, Steven Davies, Bobby Grant and Gary Mackenzie.
Robinson made his debut for Liverpool in 2010, then becoming the club's youngest ever player, but has struggled to maintain a regular first-team berth, achieving just 10 further appearances since.
The full-back joined Wolves on loan for the second half of last season as the club were relegated to League One.
Liverpool hold the right to recall Robinson, who also featured for Stuart Pearce's England Under-21s at the European Championship this sumer, within 28 days of his departure.