Long noncoding RNAs (lncRNAs) show multiple functions, including immune response. Recently, the immune‐related lncRNAs have been reported in some cancers. We first investigated the immune‐related lncRNA signature as a potential target in hepatocellular carcinoma (HCC) survival. The training set (n = 368) and the independent external validation cohort (n = 115) were used. Immune genes and lncRNAs coexpression were constructed to identify immune‐related lncRNAs. Cox regression analyses were perfumed to establish the immune‐related lncRNA signature. Regulatory roles of this signature on cancer pathways and the immunologic features were investigated. The correlation between immune checkpoint inhibitors and this signature was examined. In this study, the immune‐related lncRNA signature was identified in HCC, which could stratify patients into high‐ and low‐risk groups. This immune‐related lncRNA signature was correlated with disease progression and worse survival and was an independent prognostic biomarker. Our immune‐related lncRNA signature was still a powerful tool in predicting survival in each stratum of age, gender, and tumor stage. This signature mediated cell cycle, glycolysis, DNA repair, mammalian target of rapamycin signaling, and immunologic characteristics (i.e., natural killer cells vs. Th1 cells down, etc). This signature was associated with immune cell infiltration (i.e., macrophages M0, Tregs, CD4 memory T cells, and macrophages M1, etc.,) and immune checkpoint blockade (ICB) immunotherapy‐related molecules (i.e., PD‐L1, PD‐L2, and IDO1). Our findings suggested that the immune‐related lncRNA signature had an important value for survival prediction and may have the potential to measure the response to ICB immunotherapy. This signature may guide the selection of the immunotherapy for HCC.