A process for producing a carotenoid emulsion which comprises heating a suspension of the carotenoid in a high boiling organic liquid, by passing the suspension through a conduit of 0.1 to 50 mm inside diameter heated to a temperature in the range of 120 to 700.degree. C. for a residence time of 0.05 to 5 seconds or by mixing the suspension with a high boiling organic liquid heated to the range of 120 to 500.degree. C. for a time of 0.05 to 10 seconds, to dissolve the carotenoid, and then immediately adding the resulting solution into an aqueous solution of an emulsifier to emulsify the solution. By this production process, an emulsion containing a carotenoid as an effective ingredient can be produced with the carotenoid maintaining a high total trans-form proportion, with good productivity, conveniently, and industrially advantageously.