<p>Lycopene, a red carotenoid hydrocarbon (C₄₀H₅₆), is widely found in fruits and vegetables and has gained significant attention as a nutraceutical compound. Structurally, it is a tetraterpene composed of eight isoprene units, occurring predominantly in two isomeric forms: trans and cis. Although the all-trans form is more stable, cis-isomers exhibit superior bioavailability and enhanced biological activity, particularly in lipid-rich environments, thereby enhancing their physiological effects. Lycopene is recognized for its strong antioxidant, anti-inflammatory, and anticancer properties, which contribute to its protective role against diverse chronic diseases, including cardiovascular and neurodegenerative disorders as well as several cancers. Among these, prostate cancer has emerged as a major focus due to lycopene’s preferential accumulation in prostate tissue and its regulatory influence on molecular pathways central to carcinogenesis. This review highlights lycopene’s physicochemical characteristics, dietary sources, and bioavailability, with special emphasis on its molecular mechanisms in prostate cancer prevention and therapy. Lycopene regulates multiple oncogenic pathways, including androgen receptor signaling, the PI3K/AKT (protein kinase B), β-catenin signaling, and various apoptosis-related regulators. Evidence synthesized from both preclinical and clinical research highlights its promise as a safe, affordable, and naturally derived compound with notable potential for prostate cancer prevention and therapeutic intervention. This review provides key molecular mechanisms by which lycopene modulates prostate cancer pathways, including androgen receptor signaling, PI3K/AKT, and oxidative stress responses. This article aligns with SDG 3 (Good Health and Well-Being) of the UN Agenda for Sustainable Development.</p>