The present invention is directed to a composition of matter to be applied to a carved pumpkin, more commonly called a jack olantern, in order to retard environmental degradation thereof, and to repel insects. The composition consists of an aqueous solution containing an antiseptic, a fungicide, an insecticide and a desiccant. The carved pumpkin is totally immersed in the aqueous solution to create a hyperosmotic condition to allow the preservative solution to permeate the fibers of the carved pumpkin, and at the same time replacing moisture from within the carved pumpkin with a mineral, to retain the original shape and structural stability of the carved pumpkin. The composition may also contain a buffer to maintain a pH level above 8.0. The present invention also provides a method of protecting a carved pumpkin using a composition according to the present invention.