Saffron, comprising of dried stigmas of the plant known as Crocus sativus, is one of the most important and scantly cultivated agricultural products. It has been used as a precious spice for the last at least 3500 years. Due to its numerous medicinal qualities and pharmacological applications, it is considered as a “golden condiment”, and its demand and consumptions has risen over a period of time. Although efforts are continuously being made to enhance the productivity in the traditional areas and promote the cultivation of saffron in the newer areas, there are several constraints hindering these efforts. Prevalence of corm rot is one such limiting factor which results in the reduction in saffron production and decline in the area under its cultivation. The disease not only reduces the yield substantially, but also adversely affects the production of daughter corms. Complete understanding and knowledge about the disease is still lacking due to the inadequate information about its etiology and epidemiology. Moreover, due to the non-availability of resistant genotypes and lack of improved cultural practices, presently no effective and sustainable management strategies are available. This review article gives an overall account of the history and impact of saffron corm rot, its present status, yield losses caused by it, dynamics of the pathogens associated with the disease, their survival and dispersal, factors influencing disease intensity, epidemiology and sustainable management strategies. As comprehensive information on the disease is presently not available, an attempt has been made to review the current knowledge regarding corm rot of saffron. The information about the disease discussed here can eventually be beneficial for the growers, students, researchers, plant protection organizations, development departments, extension workers, policy makers, government agencies and public organizations.