Lycopersene is a stable and safe triterpenoid. Lycopersen had utilized as an antioxidant, antimutagenic, antiproliferative, cytotoxicity, antibacterial and pesticide. Obtaining pure Lycopersene from natural sources is very important for fundamental research and the above applications. The present overview provides an up‐to‐date and comprehensive summary of the various methods used for extraction, isolation and purification of Lycopersene from natural sources with its applications in food, cosmetics and pharmaceutical fields. Many different extraction methods ranging from conventional techniques (e.g. Soxhlet extraction, Maceration and Rotary evaporator) and other advanced extraction technologies (e.g. Solid‐phase microextraction, steam distillation with Clevenger, Clevenger apparatus, Chromatography on SiO2 column, centrifuge, sonication) had been used to obtain Lycopersene from flora and fauna. Purification techniques, alone or in combination, have been investigated for isolation and purification of Lycopersene from crude extracts in various natural sources. The review of Lycopersene identified cap areas like purity and application in various fields.