Study of extraction of astaxanthin from giant tiger (Panaeus monodon) shrimp waste using palm oil was conducted to determine the extraction kinetics and thermodynamic parameters. Two extraction models were proposed: mass transfer kinetic model and reaction kinetic model. It was found that both of mass transfer and reaction kinetic control the extraction of astaxanthin from shrimp waste using palm oil. The thermodynamic parameters of extraction were also obtained in this study.