Oral potentially malignant disorders are commonly encountered and frequently neglected lesions. High rate of malignant transformation necessitates the early diagnosis and prompt treatment of these lesions. Many medical and surgical modalities are widely used and studied for treatment of oral PMD’s. As oxidative stress plays a major role in pathogenesis of these lesions, use of antioxidants plays a vital role in the treatment. Lycopene, a naturally available red pigment, is proved to have powerful antioxidant properties. Lycopene is widely and successfully used in the treatment of oral PMD’s. The aim of this article is to review the pharmacological actions, therapeutic effects and adverse drug reactions of lycopene in the treatment of oral potentially malignant disorders.