In the present study, we shown that hAMSCs and hAMSC‐CM markedly reduced the phosphorylation of PI3K, AKT, GSK3β and β‐catenin in Hepg2 cells, indicating that hAMSCs induced the inhibition of the proliferation and the enhancement of the apoptosis of HCC cells were involved in the inhibitions of the Wnt/β‐catenin and IGF‐1R/PI3K/AKT signalling, respectively. Here, IGF1R is linked to hepatocellular carcinoma.