Preparation of a stable aqueous dispersion, or a stable water-dispersible dry powder, of xanthophylls, which comprises a) preparing a molecularly dispersed solution of at least one xanthophyll, with or without an emulsifier and/or an edible oil, in a water-miscible organic solvent, or a mixture of water and a water-miscible organic solvent, at above 30° C., b) mixing this solution with an aqueous solution of a mixture of protective colloids, b1) in which the mixture comprises at least one low-molecular-weight protective colloid component and at least one high-molecular-weight protective colloid component, whose mean molecular weights differ by at least 10,000, b2) the solvent component being transferred to the aqueous phase and the hydrophobic phase of the xanthophyll being formed as a nanodispersed phase c) and if appropriate, to prepare a water-dispersible dry powder, freeing the resulting dispersion from the solvent and the water and drying it in the presence or absence of a coating material.