Fucoxanthin, a natural carotenoid with an antioxidant activity, is mainly from marine algae such as brown algae and microalgae (e.g. diatoms and chrysophyta). Fucoxanthin has great potential for market development, but its industrialization degree is relatively low. In view of this problem, this review firstly provides an overview of the physicochemical characteristics and functional properties (such as antioxidative, anti-tumor, anti-obesity and anti-inflammatory effects) of fucoxanthin. The research progress on the upstream development and downstream processing technologies for fucoxanthin production is comprehensively reviewed. The upstream development of fucoxanthin (biosynthetic pathway, screening of fucoxanthin for production, and culture methods and conditions), and downstream processing technologies (extraction and purification methods, steady-state preparation, and product manufacturing technology) are introduced in detail. The currently existing technical bottlenecks are pointed out and possible solutions are proposed. Finally, the application status of fucoxanthin in food, cosmetics, medicine is presented. This paper will provide reference value for future research on industrializable technologies of fucoxanthin.