It is well recognized that telomere dysfunction plays a critical role in cancer initiation and progression, although the exact underlying mechanisms still need in‐depth investigation. Herein, we provided a catalogue of telomere variation in tumor cells and non‐tumor cells within the tumor microenvironment of HCC by telomere‐specific FISH and qPCR. Telomere attrition was found in tumor cells and CAFs, but not in TILs or BDECs. Of note, our data revealed that shortened telomeres in tumor cells or CAFs were independently and significantly associated with poorer postoperative outcome in HCC patients. The results were validated in an independent cohort of 371 HCCs from the TCGA database.