Objective To explore the effect of camrelizumab combined with transcatheter arterial chemoembolization(TACE) on levels of serum neutrophil gelatinase-associated lipocalin(NGAL), neutrophil-lymphocyte ratio(NLR) and lactate dehydrogenase(LDH) and tumor growth and metastasisin patients with hepatocellular carcinoma(HCC) complicated with microvascular invasion.Methods 108 patients with HCC and microvascular invasion in the hospital between December 2017 and December 2018 were randomly divided into observation group and control group with 54 cases in each group. The control group was given TACE treatment regimen, and the observation group was treated with camrelizumab on the basis of the control group. The clinical efficacy after 4w of treatment, tumor markers ［alpha-fetoprotein(AFP), hypoxia-inducible factor(HIF-1)］ and serological indicators ［NGAL, NLR, LDH, vascular endothelial growth factor(VEGF)］before treatment and after 4w of treatment, occurrence of adverse reactions and recurrence within 12 months after treatment and survival status within 2 years were compared between the two groups of patients. 〖WTHZ〗Results 〖WTBZ〗After 4wof treatment, the total remission rate of observation group was significantly higher than that of control group(P＜0.05). The levels of AFP, HIF-1, NGAL, NLR, LDH and VEGF in the two groups were significantly decreased compared with those before treatment, and the levels of observation group were significantly lower than those of control group at the same time point(P＜0.05). Within 12 months after treatment, there was no significant difference in the incidence of adverse reactions between the two groups(P＞0.05). The recurrence rate of observation group was significantly lower than that of control group(P＜0.05). Kaplan-Meier survival curve showed that the survival time of observation group was significantly longer than that of control group(P＜0.05). Conclusion Camrelizumab combined with TACE has a significant efficacy on patients with HCC and microvascular invasion. It can promote the down-regulation of tumor markers, inhibit tumor inflammatory response, regulate the levels of serum NGAL, NLR and LDH, reduce tumor recurrence rate, and prolong survival time of patients, with a high clinical application value.