Objective To analyze the value of circular RNA (circRNA)-ASAP2 in diagnosing colorectal cancer and assessing the risk of lymph node metastasis. Methods A total of 100 colorectal cancer patients who were treated in the Affiliated Hospital of Youjiang Medical University for Nationalities from January 2020 to May 2022 were selected as the colorectal cancer group, and another 100 healthy individuals who underwent physical examinations were selected as the control group. Relative expression levels of circRNA-ASAP2 in the serum, cancer tissue, and pericarcinous tissue were compared, and the levels in the serum and cancer tissue between colorectal cancer patients with different characteristics were compared. The receiver operating characteristic (ROC) curve was used to analyze the value of serum circRNA-ASAP2 in diagnosing colorectal cancer and predicting lymph node metastasis. Results The serum relative expression level of circRNA-ASAP2 in the colorectal cancer group was higher than that in the control group, and the cancer tissue relative expression level of circRNA-ASAP2 was higher than the pericarcinous tissue level (all P<0.05). The serum and cancer tissue relative expression levels of circRNA-ASAP2 were higher in colorectal cancer patients with lymph node metastasis and with Ⅲ-Ⅳ clinical stage (all P<0.05). There was no statistically significant difference in the serum or cancer tissue relative expression level of circRNA-ASAP2 between colorectal cancer patients with different genders, ages, tumor lengths, tumor types, or differentiation degrees (all P>0.05). The area under the ROC curve of serum circRNA-ASAP2 in diagnosing colorectal cancer was 0.911 (95%CI: 0.848-0.975), with a sensitivity of 95.60% and a specificity of 72.2%; the area under the ROC curve of serum circRNA-ASAP2 in predicting lymph node metastasis in colorectal cancer was 0.813 (95%CI: 0.696-0.930), with a sensitivity of 75.00% and a specificity of 90.78%. Conclusion Colorectal cancer patients have up-regulated circRNA-ASAP2 expression in cancer tissues and serum, and circRNA-ASAP2 has a certain value in the diagnosis of colorectal cancer and the assessment of lymph node metastasis risk.