<p>Thermal ablation is one of the commonly used treatment modalities for hepatocellular carcinoma (HCC). The most widely applied clinical techniques include microwave ablation (MWA), radiofrequency ablation (RFA), and high-intensity focused ultrasound (HIFU). In addition, photothermal ablation (PTA) and magnetic hyperthermia (MIH) are currently under investigation and have not yet been widely adopted in clinical practice. It has effects on patients who are not suitable for surgical resection. Although effective, it has limitations, such as incomplete tumor ablation, existing heat-resistant areas, and recurrence risk. Recently, the combination of nanomaterials and thermal ablation is a promising way to improve therapeutic effects. With their unique properties (high surface area, good thermal conductivity, good biocompatibility), nanomaterials have great potential to improve the effect of thermal ablation. This review elaborates on the roles of nanomaterials in enhancing the ablation effect of thermal ablation and immune regulatory functions. It describes how nanomaterials enhance various effects to improve the overall therapeutic outcome of HCC. The article first overviews the mechanisms of various ablation technologies for treating HCC, such as inducing local high fever and causing tumor cell death, as well as the role of thermal ablation in regulating the tumor immune microenvironment. Subsequently, it focuses on the combined application of nanomaterials, which can further intensify the thermal effects of ablation, enable targeted drug delivery, and thereby promote tumor regression. Furthermore, this review highlights current challenges and limitations in the field, encompassing tumor heterogeneity, the immunosuppressive microenvironment, and the potential toxicity of nanomaterials.</p>