Hepatocellular carcinoma (HCC) ranks as the fifth most common malignancy worldwide. Early detection of HCC is difficult due to the lack of reliable markers. We aimed to assess the diagnostic role of annexin A2 (ANXA2) and follistatin as serum markers for HCC patients. This study included 50 patients with confirmed diagnosis of HCC, 30 patients with chronic liver disease, and 20 normal persons. Subjects performed thorough assessment and laboratory investigations. Serum levels of alpha fetoprotein (AFP), annexin A2, and follistatin were measured using ELISA technique. Annexin A2 significantly increased in the sera of HCC patients (median, 69.6ng/ml) compared to chronic liver disease patients (median, 16.8ng/ml) and control group (median, 9.5ng/ml) (p < 0.001). Follistatin was higher in sera of HCC patients (median, 24.4ng/ml) compared to the control group (median, 4.2ng/ml) (p = 0.002) while no such significant difference was achieved between HCC and chronic liver disease patients. At a cutoff level 29.3ng/ml, area under the receiver-operating characteristic curve for ANXA2 was 0.910 (95% confidence interval (CI) 0.84-0.97). For follistatin, it was 0.631 (95% confidence interval 0.52-0.74) at cutoff level 15.7ng/ml. Combining both annexin A2 and AFP increased the diagnostic efficiency (98% specificity, LR + 41 and 97.6% PPV). Follistatin combined with AFP provided 92% specificity while lower sensitivity (50%) was observed. Serum ANXA2 is a promising biomarker for HCC, certainly when measured with AFP. Follistatin could not differentiate between HCC and chronic liver disease, but its combination with AFP improved the specificity for HCC diagnosis.