This study was aimed to evaluate the effects of shrimp waste types (fresh head, cooked head, fresh shell and cooked shell) and of cooking these wastes on the properties of astaxanthin. The astaxanthin was subject to liposomal encapsulation and its characteristics were determined. Astaxanthin was extracted from fresh and cooked (90°C for 15 min) materials, and then yield, astaxanthin content, antioxidant activities (DPPH and ABTS scavenging assays) and fatty acid profiles were determined. Phospholipid was used at various concentrations (2, 3 and 4 % w/v) to prepare astaxanthin-loaded liposomes, which were further evaluated for particle size, zeta potential, antioxidant activity (DPPH scavenging assays) and outer structure by confocal laser scanning microscope. The results showed that fresh shrimp heads gave the highest percent yield (30.49 mg extract/g raw material), but the highest astaxanthin content was found in fresh shrimp shells (14.65 mg/g). Shrimp heads and shrimp shells, both fresh and cooked, were significantly different (p<0.05) in terms of their antioxidant activity (based on DPPH and ABTS scavenging assays). Three fatty acids, palmitic acid, oleic acid and linoleic acid were most abundant and found in all samples. However, extract from fresh shrimp shells showed the highest EPA and DHA content of 10.48 % and 11.62 %, respectively. Astaxanthin-loaded liposomes derived were different in size in that the higher concentration, the larger liposomes produced. Liposomes prepared from 4% (w/v) phospholipid at 50 amplitude gave the highest %DPPH scavenging activity of 79.23.