diff --git a/django/core/management/color.py b/django/core/management/color.py
index 3227809303..be8c31bb95 100644
--- a/django/core/management/color.py
+++ b/django/core/management/color.py
@@ -10,10 +10,10 @@ from django.utils import termcolors
 
 try:
     import colorama
-except ImportError:
+    colorama.init()
+except (ImportError, OSError):
     HAS_COLORAMA = False
 else:
-    colorama.init()
     HAS_COLORAMA = True
 
 
diff --git a/docs/releases/3.2.4.txt b/docs/releases/3.2.4.txt
index dac726e961..048eb8c385 100644
--- a/docs/releases/3.2.4.txt
+++ b/docs/releases/3.2.4.txt
@@ -18,3 +18,7 @@ Bugfixes
 
 * Prevented unnecessary initialization of unused caches following a regression
   in Django 3.2 (:ticket:`32747`).
+
+* Fixed a crash in Django 3.2 that could occur when running ``mod_wsgi`` with
+  the recommended settings while the Windows ``colorama`` library was installed
+  (:ticket:`32740`).