Hygrocybe punicea is a species of agaric in the family Hygrophoraceae. It has been given the recommended English name of crimson waxcap. The species has a European distribution, occurring mainly in agriculturally unimproved grassland. Threats to its habitat have resulted in the species being assessed as globally "vulnerable" on the IUCN Red List of Threatened Species. Records of H. punicea from North America, East Asia, and Australia require further research to see if they represent the same species.

Hygrocybe is a genus of agarics in the family Hygrophoraceae. Called waxcaps in English, basidiocarps are often brightly coloured and have dry to waxy caps, white spores, and smooth, ringless stems. In Europe they are characteristic of old, unimproved grasslands which are a declining habitat, making many Hygrocybe species of conservation concern. Four of these waxcap-grassland species, Hygrocybe citrinovirens, H. punicea, H. spadicea, and H. splendidissima, are assessed as globally "vulnerable" on the IUCN Red List of Threatened Species. Elsewhere waxcaps are more typically found in woodlands. Most are ground-dwelling and all are believed to be biotrophs. Around 150 species are recognized worldwide. Fruit bodies of several Hygrocybe species are considered edible and are sometimes offered for sale in local markets.