This study aimed to evaluate the effects of astaxanthin on ovarian reserve, histopathological injury, oocyte maturation, fertilization, and early embryo development in rat models of ovarian ischemia and ischemia–reperfusion. In this randomized controlled experimental study, 48 adult female Sprague–Dawley rats were equally allocated to six groups undergoing sham surgery, ischemia, or ischemia–reperfusion, with or without intraperitoneal astaxanthin administration. Two male rats were used for in vitro fertilization. Following ovarian hyperstimulation, serum anti-Müllerian hormone (AMH) concentrations, ovarian histopathology, Caspase-3 expression, oocyte maturation, fertilization, and embryo development were evaluated. Astaxanthin significantly increased total and metaphase II oocyte counts, fertilized oocytes, and two-cell embryos in both ischemia and ischemia–reperfusion groups, as well as Grade 1 embryos in the ischemia–reperfusion group. Astaxanthin also reduced hemorrhage, edema, necrotic cell damage, inflammatory cell infiltration, and Caspase-3 expression. Furthermore, astaxanthin attenuated the injury-associated decline in serum AMH concentrations. No significant reproductive or histopathological changes were observed in astaxanthin-treated sham-operated rats. Astaxanthin administered before torsion or detorsion improved reproductive outcomes and reduced ovarian tissue injury, suggesting a protective effect that warrants further investigation before clinical translation.