Background The aims of this study were to investigate the function and mechanism of miRNA‐98‐5p in papillary thyroid carcinoma. Methods Quantitative real‐time polymerase chain reaction (qRT‐PCR) was used to measure the expression of miRNA‐98‐5p in papillary thyroid carcinoma. Western blotting and caspase‐3/9 activity levels, flow cytometric analysis, cell migration assays, DAPI assay, cell proliferation assay, and LDH activity levels were used in this study. Results In patient with papillary thyroid carcinoma, miRNA‐98‐5p was reduced, and HMGA2 was increased. Downregulation of miRNA‐98‐5p promoted the cell growth, inhibited apoptosis, and induced HMGA2 protein expression in papillary thyroid carcinoma cell via activation of HMGA2. Overexpression of miRNA‐98‐5p inhibited the cell growth, induced apoptosis, and suppressed HMGA2 protein expression in papillary thyroid carcinoma cell through the suppression of HMGA2. Si‐HMGA2 inhibited the effects of anti‐miRNA‐98‐5p on cell growth of papillary thyroid carcinoma. Conclusion Therefore, these results suggested the regulation of HMGA2 suppresses proliferation of papillary thyroid carcinoma through miRNA‐98‐5p.