Varthemia iphionoides is a perennial plant that belongs to the Asteraceae family. This study investigated the cytotoxic effect of V. iphionoides essential oil on breast (MCF7), prostate (PC3), and chronic myelogenous leukemia (K562) and normal human fibroblast cell lines using MTT assay and flow cytometric analysis. In addition, GC-MS of the oil was carried out. The IC 50 values for PC3, MCF7, K562, and fibroblast were 145.3, 188.8, 87.88 and 173.3 µg/mL, respectively. V. iphionoides essential oil was most effective against K562. Flow cytometric results for IC 50 dose of V. iphionoides oil on K562 cells showed 32.2% apoptosis in 24 h. GC-MS analysis resulted in the identification of 25 compounds. 1,8-Cineole, borneol, and α-cadinol were the major constituents of V. iphionoides volatile oil. In conclusion, this study reveals for the first time the cytotoxic activity of V. iphionoides essential oil on K562 cell line which may occur through apoptosis induction.