Accumulating evidence demonstrated the pivotal roles of circular RNAs (circRNAs) in several types of cancers. However, the study relevant to the biological functions of circRNAs in osteosarcoma (OS) is still very limited. Recently, hsa_circ_0007534 has been proved to play key roles in colorectal carcinoma and glioma. In this study, qRT-PCR was used to determine hsa_circ_0007534 expression in OS tissues and cells. The clinical value of hsa_circ_0007534 was further explored. Additionally, cell growth, clone formation ability and cell apoptosis were assessed after hsa_circ_0007534 silenced. The xenograft study was further induced to investigate the roles of hsa_circ_0007534 in vivo. Moreover, AKT/GSK-3β pathway was measured to illustrate the mechanism of hsa_circ_0007534 exerts in OS progression. The data demonstrated that hsa_circ_0007534 is overexpressed in OS tissue samples and cells and this up-regulation is related with larger tumor size and poorer differentiation degree. Moreover, hsa_circ_0007534 is a dismal prognostic biomarker for OS patients. For the functional assays, knockdown of hsa_circ_0007534 suppresses OS cell growth in vitro and in vivo. In addition, hsa_circ_0007534 protects against cell apoptosis via Bcl-2/caspase-3 pathway. Furthermore, AKT/GSK-3β pathway could be activated by hsa_circ_0007534 to facilitate OS progression. In summary, hsa_circ_0007534 may be a rational predictive marker and therapeutic target for OS.