This article presents a valuation study to estimate a preference-based index for a 5-dimensional health state classification for asthma (AQL-5D) derived from the Asthma Quality of Life Questionnaire (AQLQ). A sample of 307 members of the UK general population valued 99 asthma health states selected from the AQL-5D using the time tradeoff technique. Models were estimated to predict all possible 3125 health states defined by the AQL-5D, and the models were compared in terms of their ability to predict mean values for the 99 states. Mean health state values ranged from 0.39 to 0.94 based on an average of 22 valuations per state. A main effects model estimated on mean health state values and adjusted for consistency had the best predictive ability (mean absolute error of 0.047 and only 9/98 states with errors >0.1) and the most logical consistency with levels of the AQL-5D. The low number of valuations per state may have resulted in unreliable estimates for the models. Preference-based condition specific measures are limited in their ability to make cross-disease comparisons. This is the first study to derive a condition-specific preference-based measure from an existing measure of health-related quality of life in asthma for use in economic evaluation.