<p>The powerful natural carotenoid astaxanthin is gaining interest due to the fact that it possesses a high level of antioxidant activity and has numerous applications in the food and aquaculture industries. The antioxidant capacity, bioavailability, and stability of this substance are the primary areas of attention in this review, which investigates its distinctive structural and functional features. The effectiveness and scalability of a number of different production methods, including the culture of microalgae and the utilization of modern extraction techniques, such as supercritical carbon dioxide and deep eutectic solvents, are being examined. Studies have shown that astaxanthin is up to 550 times more powerful than vitamin E and 11 times more powerful than beta-carotene when it comes to combating particular free radicals. The effectiveness of astaxanthin varies depending on the sort of oxidative damage that is being tested; however, it is consistently ranked as a stronger antioxidant, particularly in terms of its capacity to preserve cell membranes and quench singlet oxygen. Astaxanthin improves the pigmentation, immunity, and growth of aquatic organisms, which in turn helps aquaculture. It also extends the shelf life of food and improves its sensory quality. Natural sources provide astaxanthin, a powerful antioxidant in the health, wellness, and nutrition markets. This advantage is due to the fact that it has solid scientific backing, and consumers are increasingly gravitating towards natural ingredients. This manuscript discussed the characteristics, production methods, and applications of astaxanthin in food.</p>