Objective To investigate the value of lenvatinib combined with atezolizumab sequential transhepatic arterial chemoembolization (TACE) in the treatment of patients with hepatitis B complicated with advanced liver cancer. Methods This study was a randomized controlled trial. A total of 96 patients with hepatitis B complicated with advanced liver cancer admitted to Liaocheng People's Hospital from January 10, 2019 to September 10, 2022 were selected for the study, and were divided into an observation group and a control group according to the random number table method. In the control group, there were 25 males and 23 females, aged (54.52±7.13) years; in the observation group, there were 28 males and 20 females, aged (53.74±6.55) years. The control group was given conventional TACE treatment, and the observation group was given lenvatinib combined with atezolizumab sequential TACE treatment. The disease remission rate, disease control rate, liver function indexes [aspartate aminotransferase (AST), alanine aminotransferase (ALT), and total bilirubin (TBIL)], cellular immune function indexes [lymphocytes (CD3+, CD4+, and CD8+) and CD4+/CD8+], and infiltrative metastasis indexes [vascular endothelial growth factor (VEGF) and glypican-3 (GPC-3)] before and after treatment, and occurrence of adverse events were compared between the two groups. t test, χ2 test, and Ridit test were used for statistical analysis. Results The disease remission rate and disease control rate of the observation group were higher than those of the control group [72.92% (35/48) vs. 52.08% (25/48), 85.42% (41/48) vs. 62.50% (30/48)] (χ2=4.444, P=0.035; χ2=6.544, P=0.010). After treatment, the CD3+, CD4+, CD4+/CD8+ in the observation group were (64.28±5.35)%, (33.52±2.81)%, and (1.28±0.23), which were higher than those in the control group [(58.92±5.13)%, (28.75±2.63)%, and (1.03±0.19)]; the AST, ALT, TBIL, VEGF, GPC-3, and CD8+ were (38.73±8.41) U/L, (47.62±10.39) U/L, (17.95±2.35) µmol/L, (312.58±33.45) ng/L, (10.75±1.98) µg/L, and (26.19±2.04)%, which were lower than those in the control group [(55.62±7.85) U/L,(67.88±11.55) U/L, (22.46±2.71) µmol/L, (338.74±35.76) ng/L, (12.46±2.05) µg/L, and (27.91±2.13)%]; the differences were statistically significant (t=15.010, 8.587, 5.806, 10.172, 9.035, 8.711, 3.701, 4.156, and 4.040; all P<0.001). There was no statistically significant difference in the total incidence of adverse events between the observation group and the control group [31.25% (15/48) vs. 25.00% (12/48)] (P>0.05). Conclusion Lenvatinib combined with atezolizumab sequential TACE has better clinical effect in the treatment of patients with hepatitis B complicated with advanced liver cancer, which can effectively reduce the immune suppression, improve the liver function, and alleviate the disease.