A novel process involving pretreatment of crude palm oil, followed by deacidification and deodorization using molecular distillation, can be used to produce a carotenerich refined edible palm oil. The product is a refined red palm oil that meets standard refined edible oil specifications and retains up to 80% of the carotene and vitamin E originally present in the crude palm oil. The oil contains no less than 500 ppm carotene, 90% of which is present as αand β-carotene. The vitamin E content is about 800 ppm, 70% of it in the form of tocotrienols (mainly as α-, β-, and γ-tocotrienols). Other valuable minor components present in this oil are ubiquinones and phytosterols. The process is also applicable for the commercial production of other natural vitamin-rich palm fractions, such as stearin, olein, and palm mid-fraction. Such products are currently available and can be used in various food applications, both as cooking media and as ingredients that enhance the appearance and nutritional value of foods.