Keloid is a dermal proliferative disorder characterized by the excessive proliferation and migration of keratinocytes and fibroblasts. Over‐activation of the serine/threonine protein kinase, mammalian target of rapamycin (mTOR), plays a pivotal role in the process. Here, we show that both mTOR complex 1 (mTORC1) and mTOR complex 2 (mTORC2) were hyper‐activated in keloid‐derived primary keratinocytes. Further, OSI‐027, an mTOR kinase inhibitor, potently inhibited proliferation and migration of keloid keratinocytes. At the molecular level, OSI‐027 disrupted the assembly of mTORC1 (mTOR–Raptor) and mTORC2 (mTOR–Rictor–mLST8). Further, OSI‐027 almost completely blocked the phosphorylation of the mTORC1 substrates, S6K1, S6 and 4EBP1, and the mTORC2 substrate, AKT, at Ser‐473. The OSI‐027 treatment of keloid keratinocytes showed more effectively inhibited cell proliferation and migration compared to the mTORC1 inhibitor, rapamycin. Moreover, restoring mTORC1 activation by the introduction of the constitutively active S6K1 only partly alleviated OSI‐027‐induced inhibition of keloid keratinocytes. Notably, mTOR2 inhibition by Rictor siRNAs also inhibited keloid keratinocyte proliferation and migration, but less efficiently than OSI‐027. Together, our results imply that concurrent targeting of mTORC1/2 by OSI‐027 potently inhibits the proliferation and the migration of keloid keratinocytes. Thus, OSI‐027 may have translational value for the treatment of keloid.