Increasing evidence has suggested the crucial role of the dysregulation of microRNAs (miRNAs) in osteosarcoma (OS) progression. MicroRNA (miR)‑330‑5p has been reported to exert tumor suppressive effects in various types of human cancer. However, the role of miR‑330‑5p in the development of OS and the underlying mechanism remain to be clarified. In the present study, miR‑330‑5p expression was found to be significantly decreased in OS tissues and cell lines. In addition, low miR‑330‑5p expression was highly correlated with the overall survival and clinical stage of OS. Overexpression of miR‑330‑5p inhibited the viability, migration and invasion, and promoted the apoptosis of OS cells, as well as induced cell cycle arrest at the G2/M phase. Subsequently, the proto‑oncogene survivin was identified as a functional target of miR‑330‑5p, and this was validated using a luciferase reporter assay. It was also demonstrated that survivin expression was markedly increased in OS tissues, and that it was negatively correlated with the expression of miR‑330‑5p. Furthermore, overexpression of survivin significantly abrogated the tumor‑suppressive effect induced by miR‑330‑5p on OS cells. In conclusion, these results revealed that the miR‑330‑5p/survivin axis has a significant tumor‑suppressive effect on OS, and may serve as a diagnostic and therapeutic target for the treatment of OS.