Triple-negative breast cancer (TNBC) is considered to be the most aggressive and lethal type of breast cancer. Many studies have suggested that the dysfunction of long noncoding RNAs (lncRNAs) is correlated with breast cancer metastasis and progression. Here, we show that levels of the lncRNA, growth arrest-specific transcript 5 (GAS5), are decreased in TNBC tissues, and this down-regulation of GAS5 is associated with an aggressive tumor phenotype in patients, affecting clinical stage, lymph node metastasis and overall survival. Using an ectopic overexpression system in TNBC cells, we found that up-regulation of GAS5 can significantly attenuate proliferation and enhance apoptosis in TNBC cells. Through bioinformatics analysis and verification with qRT-PCR and luciferase assay, we found that GAS5 can bind to miR-196a-5p and there is a negative relationship between GAS5 and miR-196a-5p expression among TNBC patient samples. Furthermore, we demonstrated that overexpression of GAS5 can partially undermine the tumor promotion effect induced by ectopic expression of miR-196a-5p, including invasion and downstream FOXO1/PI3K/AKT signal pathway activation. In our study, GAS5 functioned as a competing endogenous RNA (ceRNA) antagonizing tumor promotion of miR-196a-5p-expressing TNBC cells. These data suggest that GAS5 can suppress TNBC progression by competitively binding miR-196a-5p, therefore GAS5 may be a prognostic biomarker of TNBC.