Technically, when an object is immersed in a liquid it experiences an upward force known as Buoyant Force. This phenomenon of experiencing an upward force is known as Buoyancy.
The origin of the buoyant force is actually pressure difference. Think of a cylindrical object fully submerged vertically in a liquid in a gravitational field.
The liquid exerts pressure on the walls of the object. The force exerted by the liquid on the object is always perpendicular to the surface. The forces on the vertical surface cancel each horizontal force. But the upper and lower flat surfaces of the cylinder experience different forces due to pressure. Since the pressure in a liquid is given by $h\rho g$, greater the depth, greater the pressure. So the upper surface feels a downward force while the lower surface feels more upward force. Overall, there will be a net upward force on the object. That is what called bouyant force.
Upward force should be the weight of the liquid displaced by object
This is a special coincidence discovered by Archimedes.