Carotenoids are characterized by a wide range of health-promoting properties. For example, they support the immune system and wound healing process and protect against UV radiation’s harmful effects. Therefore, they are used in the food industry and cosmetics, animal feed, and pharmaceuticals. The main sources of carotenoids are the edible and non-edible parts of fruit and vegetables. Therefore, the extraction of bioactive substances from the by-products of vegetable and fruit processing can greatly reduce food waste. This article describes the latest methods for the extraction of carotenoids from fruit and vegetable byproducts, such as solvent-free extraction—which avoids the costs and risks associated with the use of petrochemical solvents, reduces the impact on the external environment, and additionally increases the purity of the extract—or green extraction using ultrasound and microwaves, which enables a significant improvement in process efficiency and reduction in extraction time. Another method is supercritical extraction with CO2, an ideal supercritical fluid that is non-toxic, inexpensive, readily available, and easily removable from the product, with a high penetration capacity.