Osteosarcoma is the 3rd most common human cancer in childhood and young adults, and is the leading cause of mortality. Recent studies suggest that miRNAs could regulate the growth and progression of osteosarcoma, indicating some novel targets for therapy. In our study, we demonstrated that miR-451 was down-regulated in human osteosarcoma U2OS, SAOS, and MG63 cells lines as well as in tumor tissue surgically resected compared with the normal tissues. Overexpression of miR-451 inhibited cell proliferation and resulted in cell apoptosis in osteosarcoma cells. G1 cell cycle arrest was also induced by miR-451. Repressed by miR-451, PGE2 and CCND1 reversed the inhibitory effects of miR-451 on proliferation. In conclusion, miR-451 played a tumor-suppressing role through modulating the expression of PGE2 and CCND1, suggesting a novel target for the diagnosis and treatment of osteosarcoma.