Marigold (Tagetes erecta) flowers are a rich source of lutein pigment, which is usually extracted with organic solvents. In this study, lutein was extracted from marigold flowers with enzyme-assisted oil extraction without using organic solvents. Extraction produced oil that contained 0.36 mg/ml lutein (present as lutein esters but calculated as free lutein), and the yield was comparable to solvent extraction. The oil containing lutein was used to produce oil-in-water emulsions with different polysaccharide mixtures as stabilizers and some emulsions were also spray dried. Wet emulsions, dry emulsions, and oil containing lutein were stored in the dark at 20–22°C for 10 weeks, and the amount of lutein esters was monitored during storage. Stability of lutein was good in oil (85% of the initial amount) and in wet emulsions (77–91%) but slightly worse in spray-dried emulsions (67–75%). Enzyme-assisted oil extraction of lutein from marigold flowers is a potential alternative to solvent extraction with comparable efficiency. In addition, there are no solvent residues in the lutein preparation. Preliminary storage tests showed good stability of lutein in oil or in emulsions stored in the dark at room temperature, and these preparations could be used in different food products.