In the work, the antioxidant activity of astaxanthin (AST) and the influence of the base formulation on the kinetics of AST release were studied. Three stable O/W AST-loaded emulsions, differing in droplet size (12.7 μm(E1), 3.8 μm(E2), 3.2 μm(E3)) and a nanoemulsion (0.13 μm, NE) were prepared. The results confirmed very strong antioxidant activity of AST. The emulsion internal phase droplet size did not significantly affect the AST release. The amount of released AST was respectively: 13.60% (E1), 11.42% (E2), 9.45% (E3), 9.71% (NE). The best fit to experimental data was obtained using the Higuchi model for emulsions and the Korsmeyer-Peppas model for NE. The results show that the AST release process is limited by the diffusion through carriers and the prepared O/W emulsions can be applied as vehicles for delivery of astaxanthin to the skin, ensuring effective anti-aging action of the cosmetics.