The objective of the study was to discuss the current knowledge relating to the sources and properties of lycopene and to determine the possibilities of utilizing it in the food and animal feed industries. For food industry companies, the products enriched with bioactive compounds such as lycopene represent an opportunity to increase the biological value thereof and to acquire the status of functional food for them. Therefore, producers constantly seek new natural pro-health compounds. Lycopene in the form of red coloured pigment occurs in many fruits and vegetables; however, its natural source are, first and foremost, tomatoes. It is characterized by strong antioxidant properties and it reduces the risk of developing cancer and cardiovascular diseases. This carotenoid is utilized to manufacture many meat products, among other things: frankfurters, hamburgers, mortadella, patties, fermented sausages, and raw meat products. In addition to utilizing lycopene directly in a technological process, it is also possible to apply it to feed animals, and, in this way, to improve the quality of raw material (e.g. meat, eggs) being produced and to beneficially impact production effects and intravital functions of animals.