Long noncoding RNAs (lncRNAs) are a class of nonprotein‐coding transcripts that are longer than 200 nucleotides. LINC00355 is a lncRNA located on chromosome 13q21.31 and is consistently upregulated in various cancers. It regulates the expression of downstream genes at both transcriptional and posttranscriptional levels, including eight microRNAs (miR‐15a‐5p, miR‐34b‐5p, miR‐424‐5p, miR‐1225, miR‐217‐5p, miR‐6777‐3p, miR‐195, and miR‐466) and three protein‐coding genes (ITGA2, RAD18, and UBE3C). LINC00355 plays a role in regulating various biological processes such as cell cycle progression, proliferation, apoptosis, epithelial‐mesenchymal transition, invasion, and metastasis of cancer cells. It is involved in the regulation of the Wnt/β‐catenin signaling pathway and p53 signaling pathway. Upregulation of LINC00355 has been identified as a high‐risk factor in cancer patients and its increased expression is associated with poorer overall survival, recurrence‐free survival, and disease‐free survival. LINC00355 upregulation has been linked to several unfavorable clinical characteristics, including advanced tumor node metastasis and World Health Organization stages, reduced Karnofsky Performance Scale scores, increased tumor size, greater depth of invasion, and more extensive lymph node metastasis. LINC00355 induces chemotherapy resistance in cancer cells by regulating five downstream genes, namely HMGA2, ABCB1, ITGA2, WNT10B, and CCNE1 genes. In summary, LINC00355 is a potential oncogene with great potential as a diagnostic marker and therapeutic target for cancer.