Lycopene is a member of important carotenoids with antioxidation, anti-aging, immunity enhancement, and other physiological functions. Although commercial production of lycopene has been realized in some enterprise, poor lycopene production remains the key restricting factor for lycopene biosynthesis by Blakeslea trispora. Combining with the latest achievements of lycopene production by B. trispora, this mini-review summarized the genetic breeding of strain, the optimization of fermentation process, chemical regulation, and the prospects of future research.