VEGF 165 and its isoform VEGF 165b have the same length but opposite functions in cancer. Some studies have indicated the important role of VEGF 165 in osteosarcoma (OS); however, VEGF 165b has not been taken into consideration. This study aims to clarify the roles of the two isoforms in OS and the mechanism controlling their formation from an alternative splicing perspective. By in vivo and in vitro experiments, we assessed the expression and function of VEGF 165 and VEGF 165b, screened the underlying splicing factors, and verified the regulatory function of splicing factor YBX1 on the two isoforms and its role in OS. The results showed that in OS, VEGF 165 was upregulated but VEGF 165b was downregulated. VEGF 165 promoted the proliferation, migration and invasion of OS cells and induced angiogenesis in OS tumours; however, VEGF 165b showed the opposite function. Of the four screened splicing factors, YBX1 was upregulated in OS tissues. It was positively correlated with VEGF 165 but negatively correlated with VEGF 165b. Further study indicated that YBX1 could upregulate VEGF 165 but downregulate VEGF 165b. Moreover, YBX1 promoted the proliferation, migration and invasion of OS cells and induced angiogenesis in OS tumours. OS patients with higher YBX1 had a poor prognosis within five years, but this difference disappeared in a longer follow-up. In conclusion, VEGF 165b was antineoplastic and downregulated in OS, in contrast to VEGF 165. YBX1 was found to be an important splicing factor that increased VEGF 165 but decreased VEGF 165b. Targeting YBX1 could endogenously alter the levels of VEGF 165 and VEGF 165b simultaneously.