Astaxanthin has been widely applied in feed additives and the medical industry due to its antioxidant, coloring, and health‐promoting properties. Traditional processes for astaxanthin production mainly include natural extraction and chemical synthesis; however, they cannot meet the growing market demand and consumers’ requirements for natural products. Microbial synthesis of astaxanthin offers a promising alternative. Many natural sources of astaxanthin, such as Xanthophyllomyces dendrorhous, and genetically modified yeasts, such as Saccharomyces cerevisiae, Yarrowia lipolytica and Kluyveromyces marxianus have been isolated and contructed. Various strategies such as mutagenesis, genetic modification, and fermentation regulation have been developed to increase the astaxanthin production from industrial yeast. Due to the broad substrate spectrum of industrial yeast, many low‐cost resources have also been explored for astaxanthin production. Accordingly, this review will mainly summarize the progress of research into the production of astaxanthin with yeasts, analyze factors affecting astaxanthin synthesis in metabolic pathways, and propose methods and strategies to achieve high yields of astaxanthin from yeasts. © 2022 Society of Chemical Industry and John Wiley & Sons, Ltd.