Xanthophyll carotenoids can self-assemble in aqueous solution to form J- and H-type aggregates. This feature significantly changes the photophysical and optical properties of these carotenoids, and has an impact on solar energy conversion and light induced oxidative damage. In this study we have applied EPR and optical absorption spectroscopy to investigate how complexation can affect the aggregation ability of the xanthophyll carotenoids zeaxanthin, lutein, and astaxanthin, their photostability, and antioxidant activity. It was shown that complexation with the poly-saccharide arabinogalactan (AG) polymer matrix and the triterpene glycoside glycyrrhizin (GA) dimer reduced the aggregation rate but did not inhibit aggregation completely. Moreover, these complexants form inclusion complexes with both monomer and H-aggregates for carotenoids. H-aggregates of carotenoids exhibit higher photostability in aqueous solutions as compared with monomers, but much lower antioxidant activity. It was found that complexation increases the photostability of both monomers and the aggregates of xanthophyll carotenoids. Also their ability to trap hydroperoxyl radicals increases in the presence of GA as the GA forms a donutlike dimer in which the hydrophobic polyene chain of the xanthophylls and their H-aggregates lies protected within the donut hole, permitting the hydrophilic ends to be exposed to the surroundings.