Aberrant expression of circRNAs has been proven to play a crucial role in the progression of acute myeloid leukemia (AML), but its regulatory mechanism remains unclear. Herein, we identify a novel m6A modification-related circRNA, Circ_0001187, which is downregulated in AML patients, and its low level contributes to a poor prognosis. We find that the expression of Circ_0001187 is regulated by the modification of DNA methylation and histone acetylation, and its biogenesis is meditated by splicing factor EIF4A3. Knockdown of Circ_0001187 significantly promotes the proliferation and inhibits the apoptosis of AML cells in vitro and in vivo, while overexpression of Circ_0001187 exerts the opposite effects. Moreover, we prove that Circ_0001187 enhances METTL3 protein degradation, which further decreases mRNA m6A modification in AML cells. Mechanistically, Circ_0001187 sponges miR-499a-5p to enhance the expression RNF113A. And RNF113A functions as an E3 ubiquitin ligase to mediate METTL3 ubiquitin/proteasome-dependent degradation by K48-linked polyubiquitin chains. Collectively, our findings highlight the potential clinical implications of Circ_0001187 as a key tumor suppressor of AML via the miR-499a-5p/RNF113A/METTL3 pathway.