Balotelli, who joined the Reds from AC Milan for a fee of £16 million this month, has gained a reputation for his controversial antics - both on and off the pitch.
But Lovren, who himself completed a £20m switch to Liverpool only this summer, believes the perfect way for the 23-year-old to keep himself in check is to listen to Gerrard's guidance.
“We will all try to help Mario – but he will learn very quickly how important Steven Gerrard is for guiding new players," Lovren is quoted as saying by the Sunday Mirror.
“When you come to Liverpool, you look at someone like Steven and you realise very quickly what it means to play for this club.
“Steven is a fantastic player, but he also has a massive personality and his influence in the dressing room is more than just being our captain.
"Steven is the perfect example to us all. You just look at the way he trains and how he performs to see how much this club means to him, and he wants us to be the same way.”
After Liverpool's clash at Tottenham on Sunday, where all three of Lovren, Balotelli and Gerrard started, Premier League games will halt during the international break.
But the Reds will return to action against Aston Villa, before playing their first Champions League match since 2009 against Ludogorets.
Brendan Rodgers' side will face the Bulgarian side at Anfield.