Multivariate analysis showed that age> 65 years, serum bilirubin level > 1.1 mg/dL, albumin level < 3.5 g/dL, creatinine ≥ 1.2 mg/dL, AFP ≥ 20 ng/mL, vascular invasion, distant metastasis, EZ-ALBI grade 2, EZ-ALBI grade 3, performance status 1, performance status 2–4, non-curative treatment, tumor size > 3 cm, multiple tumor nodules, TTV > 100 cm3, ascites grade 1 and ascites grade 2–3 were associated with decreased OS (all p < 0.01). The gene discussed is AFP; the disease is Ascites.