Pale eosinophilic inclusions simulating ground‐glass appearance were observed in cells of hepatocellular carcinoma. They were round or elliptical in shape, and their size was about 14 μm in diameter. Light eosinophilia and fine granulation with homogeneous appearance were delineated from other cellular materials. They were negative for HBsAg blood plasma proteins including α1‐antitrypsin, and α‐fetoprotein by immunohistochemical stainings. Ultrastructurally, they were well‐demarcated and consisted of homogeneous finely granular matrix. Histological, histochemical and ultrastructural features were different from several intracellular inclusions hitherto reported on hepatocellular carcinoma. These changes may represent a deposition of secretory proteinous materials in cells of hepatocellular carcinoma, but their chemical and antigenetical content could not be