The hair follicle is a complex biological system involved in a dynamic process governed by gene regulation. MicroRNAs play a critical role in the regulation of gene expression. We demonstrated that the expression of miR-218-5p and SFRP2 showed the opposite relationship in catagen and telogen phases and that miR-218-5p promoted the growth of hair shafts. The luciferase reporter assays confirmed that SFRP2 is the direct target of miR-218-5p. The expression of miR-218-5p may decrease the expression of SFRP2, which activates the Wnt signaling pathway, including the regulation of downstream genes and β-catenin/T-cell-specific factor transcriptional activity. Moreover, miR-218-5p enhanced apoptosis, but inhibition of miR-218-5p decreased apoptosis and inhibited RAB-9 cell proliferation. In this study, we show that miR-218-5p positively regulates the Wnt signaling pathway by targeting SFRP2 and acts as a dynamic governor during skin and hair follicle development.