Hepatitis B is caused by hepatitis B virus (HBV) and features inflammatory lesions of the liver, resulting in damage of multiple organs. Hepatitis B, a main cause of chronic hepatitis, cirrhosis, and liver cancer, is highly prevalent in China. The condition has become a public problem that seriously jeopardizes the health of people. This review briefly describes the five stages of the natural history of chronic HBV infection and summarizes in details the factors affecting the prognosis of HBV infection, providing reference in alleviating the damage of liver function and reducing the occurrence of adverse prognosis.