Osteosarcoma (OSA) is associated with unfavorable prognosis. The overall survival rate for patients with OSA recurrence or metastasis is only about 20%. Long non-coding RNAs (lncRNAs) significantly function in gene expression and the progression of various cancers including OSA. The expression of repulsive guidance molecule BMP co-receptor b antisense RNA 1 (RGMB-AS1) was detected in OSA cells via qRT-PCR. Western blot assay exposed the protein level of ankyrin repeat domain 1 (ANKRD1). The function assays showed the role of RGMB-AS1, miR-3614-5p, ANKRD1 on OSA cell proliferation and invasion. Subcellular Fraction assay was conducted to detect RGMB-AS1 localization. Rescue assays manifested the mechanism of RGMB-AS1/miR-3614-5p/ANKRD1 axis in OSA cells. FOXA1-activated RGMB-AS1 positively regulated OSA cell progression including proliferation and invasion but negatively modulated apoptosis. miR-3614-5p interacted with RGMB-AS1 and functioned as the tumor suppressor in OSA cells. ANKRD1 was targeted by miR-3614-5p and was negatively interacted by miR-3614-5p. RGMB-AS1 and ANKRD1 competitively bound with miR-3614-5p. The suppression of silencing RGMB-AS1 on OSA cell progression was rescued by ANKRD1 overexpression or miR-3614-5p down-regulation. FOXA1-activated RGMB-AS1 promoted cell proliferation and invasion in OSA via miR-3614-5p/ANKRD1 pathway.