Hepatocellular carcinoma (HCC) is a malignant tumor and seventh most common cancer in human. Every year there is a significant rise in the number of patients suffering from HCC. Most clinical research has focused on HCC early detection so that there are high chances of patient's survival. Emerging advancements in functional and structural imaging techniques have provided the ability to detect microscopic changes in tumor micro environment and micro structure. The prime focus of this thesis is to validate the applicability of advanced imaging modality, Magnetic Resonance Elastography (MRE), for HCC diagnosis. The research was carried out on three HCC patient's data and three sets of experiments were conducted. The main focus was on quantitative aspect of MRE in conjunction with Texture Analysis, an advanced imaging processing pipeline and multi-variate analysis machine learning method for accurate HCC diagnosis. We analyzed the techniques to handle unbalanced data and evaluate the efficacy of sampling techniques. Along with this we studied different machine learning algorithms and developed models using them. Performance metrics such as Prediction Accuracy, Sensitivity and Specificity have been used for evaluation for the final developed model. We were able to identify the significant features in the dataset and also the selected classifier was robust in predicting the response class variable with high accuracy.