In recent years, there has been increasing concern about the safety of additives used to extend the shelf-life of food products. As a result, lycopene, a natural phytochemical compound, has attracted attention, as it has been demonstrated to be a potential alternative to traditional artificial antioxidants, with significant health benefits when applied to food preservation. Based on this, this review introduces the specific forms of lycopene currently used as an antioxidant in foods, both in its naturally occurring forms in fruits and vegetables and in artificially added forms involving technologies such as composite coating, active film packaging, emulsion, and microcapsules. In addition, it also provides a comprehensive summary of the effects and progress of lycopene in the preservation of different types of food products, such as meat, seafood, oil, dairy products, fruits, and vegetables, in the last decade. At last, it also points out the limitations of lycopene, including its insolubility in water, dark color, and high sensitivity to heat or light, as well as the potential solutions to load lycopene on suitable carriers, such as combining lycopene with antimicrobial substances or other actives, in order to broaden its applications as an antioxidant in future foods.