Carotenoids were extracted from the marine sources such as shell waste of Aristeus alcocki, Solenocera indica, Penaeus monodon, Metapenaeus affinis, Parapenaeopsis stylifera and from the terrestrial sources viz. Daucus carota, Carica papaya, Psidium guajava, Cucurbita moschata and Lycopersicon esculentum using different extraction solvents and vegetable oils. The in vitro antioxidant activity of the extracts was confirmed using 2, 2-diphenyl-1-picrylhydrazyl (DPPH) scavenging assay and reducing power (RP) method. The highest carotenoid yield was obtained from the shell waste of A. alcocki (238.1 μg/g) when acetone was used as extraction solvent. The quantity of carotenoid yielded was the least when the source was P. guajava (0.15 μg/g) and the method employed soybean oil as the extraction medium. The antioxidant activity of the extracts correlates in DPPH scavenging assay and RP method. The relative antioxidant activity of the carotenoid extracted from diverse source materials was found following a descending pattern A. alcocki>D. carota>L. esculentum>C. papaya>P. guajava>P. stylifera>C. moschata>S. indica>M. affinis>P. monodon. The results obtained through present study revealed that acetone is the most appropriate solvent for the extraction of carotenoids and shell waste of A. alcocki is the more potent source of carotenoid with high antioxidant potential.