The present invention provides a process for the preparation of lycopene containing oleoresin and lycopene crystals for human consumption. The present invention provides an efficient process for the preparation of lycopene crystals from lycopene containing oleoresin with at least 85% by weight lycopene, containing at least 90% by weight trans-lycopene and trace amounts of cis-lycopene and other carotenoids. The production of commercial grade lycopene crystals with high content of trans- lycopene makes it ideal and suitable for human consumption, use as an anti-oxidant, for applications in prevention of cancer and macular degenerative diseases, as an anti-oxidant, and as a food/feed colorant. The process is simple, convenient, economical and commercially feasible.