The aim of this study was to analyze the clinical efficacy, prognosis, and risk factors of surgery combined with chemotherapy in treating Hepatoblastoma (HB). A total of 102 HB patients diagnosed and enrolled in Beijing Tongren Hospital from September 2006 to June 2014 were included in this study. Clinical stage of HB was determined according to the Post-surgical staging system of the Children Oncology Group (COG). The treatment regime mainly included surgery and chemotherapy. The common chemotherapeutic drugs were mainly cyclophosphamide, carboplatin and etoposide, 5-fluorouracil, cisplatin and Adriamycin. The chemotherapeutic regimens were chosen according to the clinical stage, histological type, and progression of the disease, or alternative chemotherapeutic regimens were selected. The clinical efficacy of treatment and the prognosis of the different stages and risk factors were statistically analyzed. The distributions of stage II, III and IV cases were 4 (3.9%), 46 (45.1%) and 52 (51.0%) respectively. After comprehensive treatment, 52 cases (51%) achieved complete remission, 20 cases (19.6%) achieved partial remission, and 28 cases (27.4%) died. The follow-up period lasted until 1st January 2015, with an average mean follow-up time of 27.54 +/- 19.95 months. The 2 y overall survival rate was 76.54%, and the 3 y event-free survival rate was 60.5%. Venous tumor embolus and distant tissue-organ metastasis were important prognostic factors for HB. Comprehensive treatment for small infants and cases of non-increasing Alpha Foetal Protein (AFP) should be investigated in the future to reduce the recurrence rate.