With an increasing understanding of the health benefit of lycopene, how to preserve lycopene during food processing and storage has caused much attention. Lycopene belongs to the carotenoid family and mostly exists in nature as the all-trans form. Heat, light, oxygen, and different food matrices are factors that have an effect on lycopene isomerization and autooxidation. Lycopene may isomerize to mono- or poly-cis forms with the presence of heat or oil or during dehydration. Reisomerization takes place during storage. After oxidation, the lycopene molecule split, which causes loss of color and off-flavor. The effects of heat, oxygen, light, and the presence of oil on the stability of lycopene are uniform in much of the literature; however, controversy still exists on some details, such as the conditions causing the occurrence of isomerization, the optimal moisture, and temperature for storage.