In this study, the extraction of anthocyanin colorant from karanda fruit (Carissa carandas L.) was carried out and optimized with multiple single factor assays. Selected conditions for yield maximization consisted of ripen fruits with black-purple color, material size of thin slices (1.0−1.5 mm), solvent of EtOH 50%, material/ solvent ratio of 1:3, temperature of 50 °C, extraction time of 45 min, and two extraction cycles. The anthocyanin content in the extract was 277.2 mg/L, which is equivalent to 9.33 mg anthocyanin per gram of dry material. Aqueous solutions of the extract and dried extracts from Carissa carandas fruit were evaluated for stability at two temperature conditions, namely room temperature (30 ± 2 °C) and 45 °C. The temperature exerted great impact on color change, anthocyanin content and the degree of polymerization of anthocyanin. Aqueous solutions of extract with citric acid (3.0−5.0 g/L) were generally more color stable and less anthocyanin degradable than those without citric acid. In the DPPH (1,1-diphenyl-2-picrylhydrazyl) scavenging assay, The half maximal inhibitory concentration (IC50) of the dried extract was 87.56 μg/mL, which was approximately 29 times higher than that of vitamin C. After 3-month storage at −18 °C, IC50 of the dried extract was 173.67 μg/mL.