Phage display libraries have been commonly used to identify recognition sites and antigen-antibody binding systems in tumor cells since the 1990s. In the previous study, we isolated a 12-mer binding peptide SVSVGMKPSPRP (SV-peptide) while isolating human ovarian cancer cells (SK-OV-3) using a random phage display library. Therefore, we tested the specific binding and anticancer properties of the SV-peptide with respect to cell viability and motility. The peptide-binding assay showed the immunofluorescent staining intensity of tumor cells (A2780, A549 and SK-OV-3) > control cells (HUVEC). Monolayer scratch healing and Transwell transmigration assays showed that the SV-peptide inhibited the migration of all three cancer cell types but not HUVEC. The mechanism involves a suppression of cytoskeletal F-actin filament arrangement into filopodia and lamellipodia through downregulation of Rac1 but not RhoA. The FAK-PI3K signaling pathway was also affected by the peptide. Western blot analysis revealed a downregulation of FAK, but not of PI3K, after 24 h incubation of SK-OV-3 cells with the SV-peptide. Metalloproteinase-2 (MMP-2) was also downregulated by the SV-peptide. Finally, the viability of cancer cell lines (SK-OV-3 and A549) decreased in the presence of the SV-peptide after 48 h. Transmission electron microscopy of the SV-peptide-exposed cancer cultures showed extensive vacuolization, swollen mitochondria, and rough endoplasmic reticulum. Thus, the SV-peptide has some certain application prospects in the tumor therapy.