| Summary: | Abstract Antarctic krill oil (AKO) is highly sought after by consumers and the food industry due to its richness in a variety of nutrients and physiological activities. However, current extraction methods are not sufficient to better extract AKO and its nutrients, and AKO is susceptible to lipid oxidation during processing and storage, leading to nutrient loss and the formation of off‐flavors and toxic compounds. The development of various extraction methods and encapsulation systems for AKO to improve oil yield, nutritional value, antioxidant capacity, and bioavailability has become a research hotspot. This review summarizes the research progress of AKO from extraction to encapsulation system construction. The AKO extraction mechanism, technical parameters, oil yield and composition of solvent extraction, aqueous enzymatic extraction, supercritical/subcritical extraction, and three‐liquid‐phase salting‐out extraction system are described in detail. The principles, choice of emulsifier/wall materials, preparation methods, advantages and disadvantages of four common encapsulation systems for AKO, namely micro/nanoemulsions, microcapsules, liposomes and nanostructured lipid carriers, are summarized. These four encapsulation systems are characterized by high encapsulation efficiency, low production cost, high bioavailability and high antioxidant capacity. Depending on the unique advantages and conditions of different encapsulation methods, as well as consumer demand for health and nutrition, different products can be developed. However, existing AKO encapsulation systems lack relevant studies on digestive absorption and targeted release, and the single product category of commercially available products limits consumer choice. In conjunction with clinical studies of AKO encapsulation systems, the development of encapsulation systems for special populations should be a future research direction.
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