When a Co2+ impurity is embedded in a semiconductor structure, crystal strain strongly influences the zero-field splitting between Co 2+ states with spin projection S z = ±3/2 and S z = ±1/2. Experimental evidence of this effect has been given in previous studies; however, direct measurement of the strain-induced zero-field splitting has been inaccessible so far. Here this splitting is determined thanks to magneto-optical studies of an individual Co 2+ ion in an epitaxial CdTe quantum dot in a ZnTe barrier. Using partially allowed optical transitions, we measure the strain-induced zero-field splitting of the Co 2+ ion directly in the excitonic photoluminescence spectrum. Moreover, by observation of anticrossing of S z = +3/2 and S z = −1/2 Co 2+ spin states in a magnetic field, we determine the axial and in-plane components of the crystal field acting on the Co 2+ . The proposed technique can be applied to optical determination of the zero-field splitting of other transition-metal ions in quantum dots.