OBJECTIVES: To evaluate the cost-effectiveness of conventional Transarterial chemoemboliza­tion with  Lipiodol (cTACE) compared to Drug-Eluting-Bead-Chemoembolization (DEB TACE) in patients with hepato­cellular carcinoma (HCC) from the Ministry of health perspective. METHODS: A decision tree model was developed based on the Egyptian clinical practice, and was derived from published sources. This decision analytical model was constructed to assess the costs and consequences associated with cTACE compared with DEB TACE. The clinical parameters were derived from a comparative study previously published. Direct medical costs were obtained from the Ministry of health hospitals in Egypt. Deterministic sensitivity analyses were conducted. No discounting was conducted.  RESULTS: The total survival days of cTACE strategy was estimated to be 414 days whereas that of DEB TACE strategy was estimated to be 651 days. The total costs for cTACE strategy and DEB TACE strategy were EGP 420,529 and EGP 1,351,105 respectively. Thus the incremental cost effectiveness ratio (ICER) for cTACE versus DEB TACE is EGP 3,926 per one day survival gained. The Deterministic sensitivity analysis demonstrated that survival associated by DEB TACE strategy and DEB-TACE operation costs have the greatest effect on the results. CONCLUSIONS: Results from this study suggest that employing a cTACE strategy is cost-effective intervention compared to DEB TACE  in patients with hepato­cellular carcinoma based on the willingness to pay threshold stated by world health organization (3xGDP/capita) for low and middle income countries.