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Abstract Long noncoding RNA SET‐binding factor 2 (SBF2) antisense RNA 1 (AS1) is associated with the growth and metastasis of multiple cancer types, but its biological roles in serous ovarian carcinoma (SOC) remain unclear. In this study, the aberrant upregulation of SBF2‐AS1 is detected in SOC after analysis of differentially expressed genes between SOC tissues and normal fallopian tubes from the public Gene Expression Omnibus (GEO) database. We determine that knockdown of SBF2‐AS1 inhibits SOC cell proliferation and invasion by sponging miR‐338‐3p. MiR‐338‐3p acts as a tumor suppressor in SOC, and E26 transformation specific‐1 (ETS1) is identified as a potential target of miR‐338‐3p regulation. Furthermore, SBF2‐AS1 could modulate ETS1 by operating as a competing endogenous RNA for miR‐338‐3p. This finding elucidates a new mechanism for SBF2‐AS1 in SOC development and provides a potential target for SOC therapeutic intervention.