Recently, long noncoding RNAs (lncRNAs) have been reported as tumor suppressors or oncogenes in colorectal cancer (CRC). This study aims to discover functional role of a novel lncRNA in CRC tumorigenesis. Expression profile of fibronectin type III domain containing 1 antisense RNA 1 (ELFN1-AS1) in CRC samples was displayed on TCGA database. Expression level of ELFN1-AS1 was tested in CRC tissues and cell lines via quantitative real-time polymerase chain reaction (qRT-PCR). Functional role of ELFN1-AS1 was assessed by loss-of-function assays. Mechanism experiments, such as chromatin immunoprecipitation (ChIP) assay and luciferase reporter assay, were done to analyze the molecular mechanism of ELFN1-AS1 in CRC. ELFN1-AS1 knockdown inhibited CRC tumor growth through restricting cell proliferation and facilitating cell apoptosis. ELFN1-AS1 was transcriptionally activated by MYC. Moreover, ELFN1-AS1 led to transcriptional silencing of tropomyosin 1 (TPM1) via recruiting enhancer of zeste 2 polycomb repressive complex 2 subunit (EZH2) and forkhead box P1 (FOXP1). Collectively, MYC-upregulated ELFN1-AS1 recruited EZH2 and FOXP1 to restrain TPM1 expression, thereby promoting CRC tumor growth. Implications: This study revealed a novel molecular pathway in CRC progression, which may provide new method for early diagnosis and treatment of CRC.