With the prohibition of antibiotics in animal feed, the livestock industry faces significant challenges, including increased morbidity and mortality rates and reduced farming efficiency. Developing green, natural, and safe antibiotic alternatives has become a research hotspot. This study evaluated the effects of octapeptin as a feed additive on growth performance, diarrhea incidence, serum biochemistry, serum immune factors, and gut microbiota of weaned piglets. Seventy-two weaned piglets were randomly assigned to three groups based on body weight and sex, with each group receiving different dietary treatments: a negative control group (CON, basal diet), a positive control group (MC, basal diet + 5 mg/kg Microcin C7), and an octapeptin supplement group (OP, basal diet + 40 mg/kg octapeptin). After 28 days of feeding experimental diets, the results demonstrated that supplementing the diet of weaned piglets with octapeptin significantly improved the feed conversion ratio compared to the control group (p < 0.05) over the entire experimental period. Furthermore, a reduction in diarrhea incidence was observed during the late nursery period (14–28 d), resulting in an overall improvement in diarrhea compared to the other two groups (p < 0.01). Serum biochemical analysis results revealed a trend towards decreased alanine aminotransferase level in the octapeptin group, with no significant differences in other indicators, suggesting potential improvements in liver function without causing liver damage. In addition, compared to the control group, octapeptin enhanced mucosal immunity by decreasing TNF-α level (p < 0.05). Fecal microbiota analysis results showed a significant increase in beneficial bacteria such as Collinsella and Olsenella in the octapeptin group compared to the other two groups (p < 0.05), indicating a positive impact on gut health. These findings supported the potential of octapeptin as an alternative to antibiotic growth promoters in weaned piglets’ diets.