Abstract Background Previous studies have shown that long noncoding RNAs (lncRNAs) play a key role in cancer, including colon cancer (CC). However, the exact role of long noncoding RNA 01124 (LINC01124) in CC and its mechanisms of action remain unknown. In the present study, we aimed to investigate the functional effects and the possible mechanism of LINC01124 in CC. Results we demonstrated that LINC01124 was upregulated in colon cancer tissues and cell lines. Further functional studies showed that knockdown of LINC01124 significantly suppressed the proliferation, migration and invasion of colon cancer cells in vitro and in vivo . Moreover, in subsequent mechanistic experiments, LINC01124 was found to act as a sponge to suppress microRNA 654-5p, which targeted HAX-1. Downregulation of LINC01124 decreased the expression of HAX-1, and overexpression of a miR-654-5p inhibitor attenuated the sh-LINC01124-induced inhibition of CC cell proliferation, migration and invasion. Conclusion Collectively, all the results revealed a role for the LINC01124/miR-654-5p/HAX-1 axis in the tumorigenesis and progression of CC, suggesting that LINC01124 may be a therapeutic target for colon cancer treatment.