The peptide for promoting healing of fractures is a 13-amino acid peptide which is sequenced and synthesized in the laboratory. The peptide SHMSP has the sequence represented by the formula Met-Ile-Phe-Val-Lys-Thr-Leu-Thr-Gly-Lys-Thr-Ile-Leu. The peptide stimulates bone growth and accelerates healing of bone fractures. The peptide of the present invention has a low molecular weight. Consequently, it is absorbed in the body and excreted from the kidneys relatively easily.