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Club journalist Rob Pollard has taken a look at some of the game’s major talking points.
The man who led England to success at the Under-17 World Cup in October became the youngest Englishman to start a Champions League game, and it’s easy to see why.
Foden has wonderful ability. His first touch is assured, his vision outstanding and he creates chances with the quality of his passing.
But it was perhaps his bravery that impressed the most. For a 17-year-old to come into a side that had won 20 games in a row and constantly demand the ball says a lot.
Make no mistake: Phil Foden has a big future in the game.
And it wasn’t just Foden flying the flag for City’s academy in Ukraine.
Brahim Diaz was also afforded a 28-minute cameo and he, too, showed what he can do, producing several jinking runs that bamboozled the Shakhtar defence. Indeed, he completed eight successful dribbles from seven attempted – more than any other player on the pitch.
This was a big night for the Club’s academy, with Diaz and Foden showing they have what it takes to supplement City’s star-studded senior squad.
This was City’s first defeat in 29 games, a remarkable run stretching back to April’s FA Cup semi-final loss against Arsenal.
It’s never enjoyable to see your team lose but City remain unbeaten in the Premier League after 14 games - with an eight-point lead at the top of the table - and we have won 13-consecutive league games and one more will see us equal the all-time Premier League record.
There’s still plenty of positives, with City’s season going very nicely, indeed.
With City already guaranteed top spot in Group F, it’s fair to say the game against Shakhtar meant very little.
Yet still around 400 Blues fans travelled to Khakiv to see the team play, braving a difficult pilgrimage and freezing conditions to be there.
Every single one who travelled deserves huge respect. We are nothing without them.
City will learn their last-16 fate on Monday, with the draw for the knock-out phase set to take place in Nyon, Switzerland at 11am GMT.
We will face one of either FC Basel, Bayern Munich, Juventus, Sevilla, Porto or Real Madrid.
It's likely to be a tough draw. Stay tuned to mancity.com for all the details on Monday morning.
But before all that, we have the small matter of a Manchester Derby on Sunday.
It’s the biggest Premier League game of the season so far, with City playing against their cross-town rivals and closest challengers.
Nerves will be frayed but it should be a fantastic occasion.
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Pep Guardiola reacts to City's 2-1 loss in Ukraine