Hepatocellular carcinoma（HCC） has become one of the most common and deadly malignancies. In recent years，the third phase of drugs based on target and immunity has obtained better results，more drugs focusing on specific tumor metabolic pathways and immune checkpoints are under clinical development，and some drugs have been identified that can improve the prognosis of liver cancer patients. Treatments of HCC changes rapidly. This article reviewed the mechanism，side effects，efficacy and ongoing research of targeted therapy and immunotherapy drugs for HCC.