MicroRNA-31 (miR-31) plays important roles in colon cancer development. However, the underlying mechanism is still not clear. We have explored the functions of miR-31 on proliferation of colon cancer cells as well as the underlying mechanism. E2F2 was identified as a direct target of miR-31. miR-31 regulated the proliferation of colon cancer cells by targeting E2F2. Moreover, in the present study, E2F2 acted as a tumor suppressor in colon cancer by repressing the expression of survivin and regulating the expression of CCNA2, C-MYC, MCM4 and CDK2. A possible mechanism for the function of miR-31 on colon cancer proliferation is presented and indicates that miR-31 might become a target for anti-cancer drug design.