The Glasgow rivals made it through to the last four on Sunday with Celtic coming from behind to claim a 5-1 win over Hearts at the Oriam while Rangers cruised past Hibs with a 6-0 win at Broadwood Stadium.
Hearts led at half-time through Monica Forsyth but second half goals from Hana Kerner, Claire O'Riordan, Shen Menglu, Chloe Craig and Tash Flint completed the Celtic comeback.
Rangers were four goals to the good at the break through Lizzie Arnot, Rachel McLauchlan, Sam Kerr and Brogan Hay before captain Kathryn Hill and Emma Watson completed the scoring.
The other quarter-finals saw Glasgow City defeat SWPL2 side Kilmarnock 3-0 at Rugby Park through Kinga Kozak, Jenna Clark and a Reese McCulloch own goal while Motherwell overcame Glasgow Women 4-0 at Cliftonville with Carla Boyce netting a hat-trick and Lauren Doran-Barr also on the scoresheet.
Both semi-finals will be played at Hampden Park with Celtic facing Glasgow City and Rangers taking on Motherwell for a place in the final of the revamped competition.
Motherwell assistant coach Leanne Crichton hailed her players for reaching the last four.
"It's really special," she said. "Not a player of players will get the opportunity to play at Hampden. It's a huge occasion for us and a huge achievement in terms of where we've came from and what we're looking to achieve at the club."
The semi-finals will take place over the weekend of April 22 and 23.