We report on the high-resolution stellar parameters and abundance analysis of the rapidly rotating post-AGB star IRAS 05381+1012. Analysis of high-resolution spectra shows that IRAS 05381+1012 has an effective temperature of $T_{\rm eff}=5200\pm 100$ K and a surface gravity of $\log g=1.0\pm 0.5$ corresponding to a spectral type G(2-3)I. These parameters result in an estimated luminosity of 970 $L_{odot}$ and a distance of 2700 pc. We also show that IRAS 05381+1012 has a projected rotational velocity $v\sin i=40\pm 10$ km s -1. The abundance analysis based on a few available lines reveals that this star is an iron-deficient object with ${\rm [Fe/H]}=-0.8$. We also analyze the abundance pattern and compare it to other classes of stars with similar stellar parameters.