PURPOSE: The aim of this study was to evaluate the expression of p53 and p27Kip1 and its association with numerous prognostic indicators of hepatocellular carcinoma (HCC). MATERIALS AND METHODS: We reviewd the clinicopathologic features of 59 patients with HCC between 1993 and 1998. p53 and p27Kip1 expression were evaluated for relation with level of AFP, presence of HBsAg and microscopic findings such as Edmonson grade, grade of mitosis, cirrhotic background, tumor margin and Ki67 labeling index. RESULTS: The expression rate of p53 was positively correlated with with Edmonson grade, high mitosis, infiltrative tumor margin and level of serum AFP. The expression rate of p27Kip1 was correlated inversely with Edmonson grade and presence of cirrhotic background. Ki67 labeling index was well correlated with Edmonson grade and mitotic activity. There was no correalation between p53 and p27Kip1 expression. CONCLUSION: The aberrant expression of p53 and p27Kip1 is well associated with various prognostic factors of HCC.