The present work aimed to study the chemical composition of tomato waste, optimizing the conditions for lycopene extraction, evaluating the antioxidant activity of obtained lycopene extract and utilizing it in some bakery products (cake and cookies). The study concluded that tomato waste obtained from tomato processing plant contained (on dry weight basis) 16.51% carbohydrates, 1.10% fats, 19.07% crude protein, 58.2% crude fiber 5.12% ash, 2500 ppm phosphorus, 12.52 ppm copper, 1379 ppm calcium, 94.71 ppm iron, 17693.75 ppm potassium and 3537 ppm sodium. On the other hand, the total carotenoid and lycopene in tomato processing waste were 654.76 mg/100g and 300.85 mg/100g on dry weight basis, respectively. Data obtained from using acetone: n-hexane (25:75) mixture as extraction solvent and different temperature and times for extraction showed that the optimum temperature was 40 ºC while the optimum extraction time was 45 min. Lycopene extracts prepared from dried tomato waste had higher lycopene recovery than those prepared from wet wastes. The data of antioxidant activity reflect the high antioxidant activity of lycopene extract which approximately equal that for ascorbic acid. Generally, the addition of 3-5% lycopene extract to cake and cookies enhanced their antioxidant activity, colour and sensory properties.