A phylogenetic analysis of Iberian Terfezia collections indicates eight clades, of which three correspond with previously described species (T. alsheikhii, T. fanfani, T. olbiensis) and five are described as new species — T. albida, T. eliocrocae, T. extremadurensis, T. pini, and T. pseudoleptoderma. These results are supported by the morphology of the examined Terfezia ascomata that were identified by their ecological patterns and chorology, as well as by phylogenetic analyses. Morphological features and ITS-rDNA sequence analyses from identified Terfezia specimens are described. A key to these Terfezia species is also provided.