The tumor microenvironment in hepatocellular carcinoma (HCC) comprises a variety of cell types that include tumor-associated macrophages, tumor-associated neutrophils, myeloid-derived suppressor cells, cancer-associated fibroblasts and tumor infiltrating lymphocytes, etc., as well as extra-cellular components such as cytokines, growth factors, hormones, extracellular matrix. The immune microenvironment plays important roles in the progression, immune escape and therapeutic response of HCC. In recent years, dramatic advances have been achieved in immunotherapy based on inflammatory microenvironment modulation, and the emergence of immunotherapy provides a promising new strategy for the treatment of HCC. However, low objective response rate, and high adverse reaction and high resistance rates are still noted. Therefore, deep understanding of the role of the microenvironment in the progression of HCC and the exploration of the future development of immunotherapy will improve the response rates of the current treatment approaches, and be of great theoretical value and clinical significance for precise diagnosis and treatment of HCC.