The structural evolution of the equilibrium and supercooled Cu46Zr54 liquids was investigated with a combination of elastic neutron scattering (with isotopic substitution) and synchrotron x-ray scattering studies. The partial pair correlation functions were determined over a wide temperature range (∼270 °C). These show that the Cu-Cu and Zr-Zr ordering increases as the temperature decreases, while the Cu-Zr ordering decreases. This surprising result is in contradiction with the results from molecular dynamics studies.