According to Vassiliades & Persson (2002) Colchicum asternathum has no obvious relations, but it shows some affinity to the S Turkish endemic C. minutum K. Perss.

Colchicum asteranthum is endemic to Greece, where it has very a restricted extent of occurrence and area of occupancy (EOO and AOO are both 4 km²). Ιt occurs in a rather isolated area, its population consists of several thousands of individuals and it does not seem to be particularly vulnerable to any current threat. However, due to its very restricted distribution, any plausible threat could eliminate the entire population. Such a plausible threat is work to develop roads and installation of wind-turbines on Mt Lirki. The species is therefore assessed as Vulnerable (VU D2).

Colchicum asteranthum is a Greek endemic, found only on Mt Lirkio, in Central Peloponnisos (Vassiliades and Persson 2002).

The total population size is estimated at several thousands of individuals (Vassiliades and Persson in Phitos et al. 2009). No recent information is available.

Colchicum asteranthum grows on SW- to SE- facing slopes with stony terra-rosa (Vassiliades and Persson in Phitos et al. 2009).

According to Vassiliades and Persson (2002), Colchicum asteranthum did not seem to face any danger, provided that the mountain slopes are not subjected to overgrazing, given that it has a vigorous vegetative growth and the locality where it grows is rather secluded. However, the recent road opening and installation of wind-turbines on Mt Lirkio, could be a plausible threat for the entire population of the species, given its very restricted range.

A quick search in the internet revealed at least one website selling Colchicum asteranthum (Rareplants.co.uk). Krigas et al. (2014) also mention trade of Colchicum asteranthum.

There are no conservation measures targeted to the species. According to Vassiliades and Persson (in Phitos et al. 2009) Colchicum asteranthum is cultivated in Botanic Gardens. It is not recorded from protected areas and is listed as Vulnerable.