Wollastonia venosa is assessed as Critically Endangered. The taxon is endemic to Hawaiʻi Island and has an extent of occurrence of 4 km². It has experienced a severe and ongoing decline in habitat and numbers due to the impacts of invasive plants and animals. Its area of occupancy is 4 km² and declining. Its distribution is severely limited, occurring in only two small subpopulations with 130 mature individuals. This qualifies the taxon to a ranking of Critically Endangered under criteria B1ab(i,ii,iii,iv,v)+2ab(i,ii,iii,iv,v).

This species is endemic to the Hawaiian islands, between 725 and 1,136 m elevation on the island of Hawai‘i.

The taxon is rare, with a total known population of 130 individuals in two subpopulations (USFWS 2020).

The taxon is a semi-woody and semi-deciduous shrub found in Hawaiian montane dry shrubland.

The major threats to this taxon include direct competition by invasive non-native plant species, especially Pennisetum setaceum, and predation and habitat degradation by non-native animals, particularly cattle and goats, which degrade the habitat and harm the plants through predation, trampling, and rooting for food. Alien plants also threaten the species by altering its habitat and competing with it for moisture, nutrients, light, and space.  In addition, the taxon is threatened by fire, military training, and cinder mining. The taxon received a vulnerability rank of 0.67 (Fortini et al. 2013), which indicates it is vulnerable to climate change, e.g., climate-induced habitat loss and drought.

There are no known uses for this taxon.

The taxon is on the U.S. Endangered Species List and the State of Hawaiʻi Endangered Species List. The remaining subpopulations do not occur in any protected area, but it is managed and monitored by the Pohakuloa Training Area. Ex situ cultivation and propagule storage is ongoing. Outplantings have occurred, but it is unclear whether they have produced any viable offspring. Further research is needed on general ecology; life history; population size, distribution, and trends; population genetics; and threats.