Objective To investigate the application effect of regorafenib combination therapy regimen in patients with advanced hepatocellular carcinoma based on real⁃world data, as well as the factors influencing efficacy and patients' prognosis. Methods The clinical data of 71 patients with advanced hepatocellular carcinoma who received regorafenib combination therapy regimen after first⁃line treatment failure were retrospectively analyzed. Efficacy and prognosis were compared between patients with different clinical characteristics. Multivariate Logistic regression model analysis was used to identify factors influencing the efficacy of regorafenib combination therapy regimen. Receiver operating characteristic (ROC) curve was plotted to evaluate the efficiency of the platelet⁃to⁃lymphocyte ratio (PLR), neutrophil⁃to⁃lymphocyte ratio (NLR), C⁃reactive protein (CRP) level, and systemic immune⁃inflammation index (SII) before treatment in predicting the efficacy of regorafenib combination therapy regimen. Univariate and multivariate COX regression models were employed to analyze factors influencing the prognosis of advanced hepatocellular carcinoma patients after regorafenib combination therapy. Results Among the 71 patients with advanced hepatocellular carcinoma treated with regorafenib combination therapy regimen, the objective response rate (ORR) was 5.63%, and the disease control rate (DCR) was 60.56%. The median progression⁃free survival (PFS) was 6.77 months, and the median overall survival (OS) was 14.62 months. No statistically significant difference in ORR or DCR was observed between advanced hepatocellular carcinoma patients with different clinical characteristics (P>0.05). Advanced hepatocellular carcinoma patients with alpha⁃fetoprotein (AFP) levels <400 ng/mL had a longer median PFS, while those with a history of immunotherapy and AFP levels <400 ng/mL exhibited a longer median OS (P<0.05). The CRP level was identified as an independent factor influencing the efficacy of regorafenib combination therapy regimen (P<0.05). The areas under the curve for predicting efficacy of regorafenib combination therapy regimen using NLR, PLR, CRP, and SII were 0.639, 0.624, 0.704, and 0.618, respectively. The results of multivariate COX regression analysis indicated that a history of immunotherapy and AFP level were factors influencing OS in advanced hepatocellular carcinoma patients treated with the regorafenib combination therapy regimen (P<0.05). Most adverse reactions were mild to moderate, and the treatment was well tolerated by patients. Conclusion The regorafenib combination therapy regimen is safe, effective, and manageable in terms of adverse reactions for patients with advanced hepatocellular carcinoma who have failed first⁃line treatment, and it provides significant survival benefits. Serological indices such as CRP and AFP, as well as prior treatment history, may influence the efficacy of this regimen or patients' prognosis to a certain extent, suggesting that treatment strategies should be tailored individually.