He was created a cardinal by Pope Sixtus IV in the consistory of 15 May 1480 and was made bishop of Rieti on 10 November of that year. He participated in the conclaves of 1484, 1492, September 1503 and October 1503. Colonna died in 1508. Colonna's funeral oration was written by Battista Casali. Giovanni Colonna's nephew Pompeo Colonna succeeded him as Bishop of Rieti.