Our data demonstrate that: (i) HF‐diet induced hepatic steatosis is attenuated by exercise; (ii) Hepatic miR‐212 is upregulated in HF mice, while restored by exercise; (iii) miR‐212 is induced during lipogenesis in FFA‐treated HepG2 cells; (iv) miR‐212 upregulation induces, while miR‐212 downregulation reduces lipogenesis in HepG2 cells regardless of FFA treatment and (v) miR‐212 contributes to lipogenesis via targeting FGF‐21. This evidence concerns the gene FGF21 and hydrops fetalis.