Hepatocellular carcinoma (HCC) is a severe disease with high mortality in the world. It has been shown that long noncoding RNA (lncRNA) might play a role in HCC. The aim of the present study was to identify the role of long intergenic noncoding RNA 01551 (LINC01551) in the HCC development and explore the underlying mechanism of LINC01551/miR‐122‐5p/ADAM10 axis. The differentially expressed lncRNAs associated with HCC were screened out by a microarray analysis. The expression of LINC01551, miR‐122‐5p, and ADAM10 was determined in HCC tissues and cells. The potential miRNA (miR‐122‐5p) regulated by LINC01551 was explored, and the target relationship between miR‐122‐5p and ADAM10 was confirmed. To evaluate the effect of LINC01551 and miR‐122‐5p on proliferation, migration, invasion, and apoptosis of HCC, different plasmids were delivered into MHCC97‐H cells. High expression of LINC01551 and ADAM10 yet low‐expression of miR‐122‐5p were revealed in HCC tissues and cells. Overexpression of miR‐122‐5p could downregulate ADAM10. Biological prediction websites and fluorescence in situ hybridization assay verified that LINC01551 was mainly expressed in the cytoplasm. Silencing LINC01551 reduced HCC cell viability, proliferation, migration, invasion, and cell cycle entry yet induce cell apoptosis. Upregulation of LINC01551 increased its ability of competitively binding to miR‐122‐5p, thus reducing miR‐122‐5p and upregulating ADAM10 expression, as well as promoting the proliferative, migrative, and invasive ability. Taken together the results, it is highly possible that LINC01551 functions as an competing endogenous RNA (ceRNA) to regulate the miRNA target ADAM10 by sponging miR‐122‐5p and therefore promotes the development of HCC, highlighting a promising competitive new target for the HCC treatment.