Objective: To explore the value of contrast-enhanced ultrasound parameters in distinguishing cholangiocarcinoma from hepatocellular carcinoma and its relationship with MVD. Methods: The clinical data of 42 patients with cholangiocarcinoma and 114 patients with hepatocellular carcinoma diagnosed by pathology were retrospectively analyzed. The study period was from May 2015 to August 2019. Patients with hepatocellular carcinoma were divided into well-differentiated group, moderately-differentiated group, and poorly-differentiated group according to different degrees of differentiation, with 38 cases in each group; they were tested and evaluated by contrast-enhanced ultrasound and immunohistochemistry After detection, the initial increase time, peak time, initial retreat time, duration, microvascular quantification (MVD), analysis of the relationship between quantitative ultrasound perfusion parameters and MVD, and ROC curve.Results: The initial growth time and peak intensity of cholangiocarcinoma group were higher than those of high, medium and poorly differentiated groups (P＜0.05);There was no statistically significant difference in the peak time of cholangiocarcinoma group compared with the well differentiated and moderately differentiated groups (P>0.05);The peak time of cholangiocarcinoma group was higher than that of poorly differentiated group (P＜0.05);The initial regression time, duration, and MVD of the cholangiocarcinoma group were lower than those of the high, medium and poorly differentiated groups (P<0.05).There was no statistically significant difference in the initial enhancement of cholangiocarcinoma group and high, medium and poorly differentiated group (P>0.05).Correlation analysis showed that the initial increase time and initial retreat time were not correlated with MVD (P>0.05); peak time and peak intensity were negatively correlated with MVD (P<0.05); duration and initial enhancement were positively correlated with MVD ( P<0.05).ROC curve analysis showed that the AUC value of the area under the curve of the initial increase time was (0.695, P＜0.05); the AUC value of the area under the curve of the peak time was (0.779, P＜0.05); the AUC value of the area under the curve of the initial increase (0.655, P＜0.05); the AUC value of the area under the curve of duration is (0.624, P＜0.05); the AUC value of the area under the curve of initial enhancement is (0.635, P＜0.05); the area under the curve of peak intensity AUC The value is (0.639, P<0.05); the AUC value of the area under the curve of MVD is (0.998, P<0.05).Conclusion: Contrast-enhanced ultrasound can distinguish cholangiocarcinoma from hepatocellular carcinoma, evaluate the differentiation degree of the tumor through the quantitative parameter values of the time-intensity curve, and reflect the neovascularization in the tumor, which can provide an objective basis for its treatment.