A process for producing a carotenoid emulsion characterized by passing a suspension of a carotenoid in toluene through a heated pipe at such a rate as to result in a residence time of 10 to 600 seconds to thereby heat the suspension to 50 to 120.degree. C. and dissolve the carotenoid, immediately mixing the resultant solution with water having a temperature of 5 to 60.degree. C. in the presence of an emulsifying agent to form an emulsion, and distilling off the toluene under vacuum. By the process, an emulsion containing a carotenoid as an active ingredient can be easily and industrially advantageously produced with satisfactory productivity while maintaining a high proportion of wholly trans molecules in the carotenoid.