A total of 155 cases of hepatocellular carcinoma smaller than 3 cm in greatest diameter were studied, and the survival rates obtained with various treatment methods were calculated. Patients were divided into an operated group (72 cases), transcatheter arterial embolization (TAE) group (52 cases), percutaneous ethanol injection therapy (PEIT) group (five cases), and a miscellaneous group (26 cases) according to the treatment received. The miscellaneous group included intraarterial chemotherapy, systemic chemotherapy, and no therapy. The survival rates of the operated and TAE groups were significantly higher than those of the miscellaneous group, but the survival rates of the TAE group decreased after two years had passed, and TAE showed limited long-term survival. In the PEIT group, the survival rates after three years were higher than those of the TAE group. TAE is effective for inoperable small HCC, but the indications for PEIT should be considered actively.