The tumor microenvironment of hepatocellular carcinoma (HCC) is complex, leading to the high heterogeneity, occurrence and development of HCC. Exosomes are one of the most important components of HCC tumor microenvironment. Exosomes are membranous vesicles with the diameter about 40~160 nm, consisting with protein, nucleic acid and other substances, and can carry out signal transmission between cells. The information regulation of HCC-derived exosomes in the tumor microenvironment has a significant impact on the malignant biological behavior of HCC. In recent years, studies on the role of exosomes in the detection, treatment and prognosis of HCC have been made in-depth. This review focused on the role of exosomes in the biological process of HCC microenvironment, and discusses the research progress of exosomes in the HCC angiogenesis, metastasis, epithelial-mesenchymal transformation and immune regulation and so on.