Aikens was selected 125th overall.
He had emerged since the end of his senior season with a strong Senior Bowl performance and buildup to the draft.
The emerging press cornerback has good size (6-foot-1, 205 pounds) and plays with physicality. He played his freshman season at Illinois before being dismissed and transferring to Liberty for his final three seasons.
As a senior last year, Aikens intercepted three passes and collected a team- high 62 tackles.
On Friday, the Dolphins had selected another former FCS player, North Dakota State left tackle Billy Turner in the third round.
FCS SELECTIONS IN 2014 NFL DRAFT
Day 1 - Thursday (Round 1)
No FCS selections
Day 2 - Friday (Rounds 2-3)
New England Patriots (2nd round, 62nd overall selection) - Jimmy Garoppolo, QB, Eastern Illinois, 6-2, 226
Miami Dolphins (3rd, 67) - Billy Turner, OT, North Dakota State, 6-5, 315
Cleveland Browns (3rd, 94) - Terrance West, RB, Towson, 5-9, 225
Minnesota Vikings (3rd, 96) - Jerick McKinnon, RB, Georgia Southern, 5-9, 209
Day 3 - Saturday (Rounds 4-7)
Miami Dolphins (4th, 125) - Walt Aikens, CB, Liberty, 6-2, 205