Liverpool flew out of the blocks and took a deserved lead when Mohammed Salah fired home from the penalty spot before Manchester City levelled proceedings through the returning Gabriel Jesus.
De Bruyne fired wide from the penalty on the stroke of halftime, a miss which proved vital as the two bookmakers favourites for the title took home a point apiece.
Story of the Match
There was no sign of Liverpool heading to the Etihad in the hope of picking up a point, with Jurgen Klopp running with a front four that included Mohammed Salah, Sadio Mane, Roberto Firmino and the inform Diogo Jota.
The visitors came flying out of the blocks. With less than a minute on the clock, Firmino found himself with a great chance to open the scoring.
The Brazilian got on the end of Trent Alexander Arnold's long ball over the top, with his fellow countryman Ederson quickly off his line to scupper the chance.
Liverpool's front four were causing all sorts of problems for the Manchester City backline and they soon found themselves with the opportunity to open the scoring via the penalty spot.
It came after Kyle Walker's error, with the Manchester City right-back too slow to react to Manes turn inside, bringing down the Liverpool man and leaving Craig Pawson with one of the easiest decisions he'll make all season.
Salah made no mistake from the spot as Liverpool took an early lead.
City's first real opportunity of the match came after 25 minutes. Gini Wijnaldum caught in possession in his own half, with Ferran Torres taking advantage before finding Kevin De Bruyne down the right flank.
The Belgian's low cross found Raheem Sterling at the back post, but his tame near post effort was saved comfortably by Allison.
Despite playing second fiddle for the majority of the first half, Manchester City found themselves level on the half-hour mark.
De Bruyne - making his 200th appearance for the Citizens - marked it in all too familiar style, finding the feet of Jesus who poked the ball past Allison to level proceedings.
It wouldn't be a Premier League game without a spot of VAR controversy, and we got exactly that in the 40th minute.
De Bruyne's cross from the right-hand side struck the arm of Joe Gomez and, after initially waving away Manchester City's claims, Pawson awarded the penalty following a brief check at the screen.
But the chance went begging. De Bruyne sent Alisson the wrong way but his low effort flew wide of the target.
Liverpool almost made it double whammy moments later.
Mane's broke down the right flank, playing the ball inside to Salah who in turn found Jota.
The Portuguese winger's shot looked to have found its way under the body of Ederson but the City number one was quick to dive on the second ball and prevent the onrushing Salah from tapping home from virtually on the goal line.
The second half started in the way that many had expected the first would. Manchester City dominating the pace of the game, with Liverpool looking to hit the hosts on the break.
The first big chance of the second half came the way of Manchester City, Joao Cancelo's dinked cross found Jesus in a world of space, but the Brazilian couldn't direct his header goalwards and the golden chance went begging.
Both sides made tactical changes early in the second half. Xherdan Shaqiri replacing Roberto Firmino whilst Ferran Torres made way for Bernardo Silva.
Klopp was forced into a second save just after the hour mark. Alexander-Arnold forced off with a muscle injury, replaced by ex-City man James Milner.
Chances were few and far between in the Manchester rain, with neither side able to stamp their authority on proceedings after a hectic first half.
The Jesus opportunity proved to be the first and only real chance of the second half, with both sides forced to settle for a point which, on the balance of play, was a just result for both sides.