Hepatocellular carcinoma (HCC) is a type of liver cancer with poor prognosis. There have been demonstrated to exist many possible mechanisms in HCC tumorigenesis, and recent investigations have provided some promising therapy targets. However, further mechanisms remain to be researched to improve the therapeutic strategy and diagnosis of HCC. Transforming growth factor-beta (TGF-beta) is a pleiotropic cytokine which plays critical roles in networks of different cellular processes, and TGF-beta signaling has been found to participate in tumor initiation and development of HCC in recent years. Moreover, among the molecules and signaling pathways, researchers paid more attention to lncRNAs (long non-coding RNAs), but the connection between lncRNAs and TGF-beta remain poorly understood. In this review, we conclude the malignant procedure which lncRNAs and TGF-beta involved in, and summarize the mechanisms of lncRNAs and TGF-beta in HCC initiation and development. Furthermore, the interaction between lncRNA and TGF-beta are paid more attention, and the potential therapy targets are mentioned.