Although having the potential to prevent oxidation and cardiovascular diseases due to the substantial amount of lycopene it contains, the massive quantity of tomato peels is now solely discarded as a by-product of the processing industry. In the present study, the effects of enzymatic treatments on lycopene content extracted from tomato peels using rice bran oil were evaluated. A two-step protocol was followed: the tomato peels were treated with enzyme and then extracted with rice bran oil for 1 h at 25 °C and a solid percentage of 3.5%. Treatment factors investigated were Viscozyme L. concentrations (0.5–2.5 %), incubation time (30–150 min) and incubation temperatures (30–70 °C). Antioxidant capacity, peroxide value, acid value and color changes of the rich-pigmented oil product were analyzed. Under the best extraction conditions (Enzyme concentration = 2%; Incubation time = 90 min; Incubation temperature = 50 °C), the lycopene content was extracted up to 320 mg/100 g of dry weight. Results showed that using Viscozyme L. significantly (p ≤ 0.05) increased the lycopene content in the pigmented oil product. These results suggested the idea of using a cell-wall degrading enzyme in the extraction to promote the use of tomato by-products as a rich source of lycopene and a good approach for waste utilization.