Asteromyrtus magnifica is a species of plant in the myrtle family Myrtaceae that is endemic to the Northern Territory of Australia.

The species grows as a slender shrub or small tree up to 3 m in height by 1.5 m across.

The flowers occur as cream to yellow globular inflorescences.

[1] The species has a restricted distribution in the Top End of the Northern Territory.

[2] It occurs among dissected rocky outcrops and along seasonal creeks on the sandstone plateaus of Arnhem Land as well as on Groote Eylandt and adjacent islands.