A new species of Crocus sect. Crocus is described as an endemic of Elba Island (Tuscan Archipelago, Italy): C. ilvensis Peruzzi & Carta sp. nov. (2n=8). The new species was wrongly referred to C. corsicus Vanucchi (2n=18), C. etruscus Parl. (2n=8) or C. vernus Hill. subsp. vernus (2n=8, 16) by previous authors. Its karyotype structure, asymmetry and chromosome dimensions show affinity with C. etruscus, and no clear relations with other related taxa. From a morphological point of view, C. ilvensis appears intermediate between C. etruscus and C. vernus subsp. vernus, showing however a peculiar combination of character‐states. The new species is completely allopatric with other Crocus sect. Crocus taxa and its possible role in the origin of tetraploid races of C. vernus is discussed.