Objective To evaluate the expression of SERPINB5 in the process of hepatocellular carcinogenesis in chemical-induced F344 rat (hepatocellular carcinoma, HCC) model so as to explore the relationship of SERPINB5 with the occurrence and development of HCC. Methods We used 50 male F344 rats to induce HCC model. They were treated with diethylnirtosamine and N-nitrosomorpholine. Another 30 male F344 rats were used as controls. After 10 rats in model group and 6 in control group were sacrificed every 4 weeks, the pathological changes were evaluated by H&E staining. The expression of SERPINB5 was detected by immunohistochemistry. Results F344 rats liver cancer was confirmed 16 and 20 weeks after HCC induction by diethylnirtosamine and N-nitrosomorpholine. Moreover, the morphological differences between HCC-induced and control groups were observed from week 4 induction. With the extension of chemical induction, the typical manifestations of hepatitis were shown at week 12. Typical cirrhosis accompanied by micro-invasion of cancer cells was seen at week 16. At week 20, atypia of cancer cells was more obvious and the invasion of cancer cells was large. The expression of SERPINB5 was significantly decreased (P <0.05) compared with that at week 16 of cancer induction. Conclusion The expression of SERPINB5 is down-regulated in rat liver tissue, suggesting that SERPINB5 is closely related to the occurrence and development of liver carcinoma. Our findings provide new ideas for the early diagnosis and treatment of HCC.