Carotenoids are widely distributed food components in nature and have various biological activities, which have received much attention from scholars. The article reviewed the research progress of carotenoids in terms of their biological functions, the effects of food ingredients on carotenoid absorption and utilization, and the improvement of their biological utilization. The carotenoids specifically regulate the functions of related genes and proteins, which in turn have various biological activities. The article summarized the functional properties of carotenoids from a mechanistic perspective. After that, the effect of food component interactions on carotenoid bioavailability was organized. And three methods to improve the bioavailability of carotenoids are summarized (nano-drug delivery system technology, isomerization treatment technology, and food processing methods). The article would provide some theoretical references for the development of functional carotenoid products.