Hepatocellular carcinoma (HCC) is characterized by aberrant alternative splicing (AS), which plays an important part in the pathological process of this disease. However, available reports about genes and mechanisms involved in AS process are limited. Our previous research has identified ANRIL as a long noncoding RNA related to the AS process of HCC. Here, we investigated the exact effect and the mechanism of ANRIL on HCC progress. The ANRIL expression profile was validated using the real‐time quantitative polymerase chain reaction assay. The western blot analysis and IHC assay were conducted on candidate targets, including SRSF1 and Anillin. The clinicopathological features of 97 patients were collected and analyzed. Loss‐of and gain‐of‐function experiments were conducted. The dual‐luciferase reporter assay was applied to verify the interaction between ANRIL, miR‐199a‐5p, and SRSF1. Anomalous upregulation of ANRIL in HCC was observed, correlating with worse clinicopathological features of HCC. HCC cell proliferation, mobility, tumorigenesis, and metastasis were impaired by depleting ANRIL. We found that ANRIL acts as a sponger of miRNA‐199a‐5p, resulting in an elevated level of its target protein SRSF1. The phenotypes induced by ANRIL/miR‐199a‐5p/SRSF1 alteration are associated with Anillin, a validated HCC promoter. ANRIL is an AS‐related lncRNA promoting HCC progress by modulating the miR‐199a‐5p/SRSF1 axis. The downstream effector of this axis in the development of HCC is Anillin.