Stored food items are frequently contaminated by fungal infestations, mycotoxins secreted by toxigenic
fungi, and free radical generation due to oxidative stress. In order to ensure the safety of food items, there
is a need for control measures which are effective by antimicrobial, mycotoxin inhibitory as well as
antioxidative action. Some synthetic chemicals used as preservatives have been reported to cause
harmful effects to consumers and the environment. Different plant essential oils (EOs), naturally
occurring plant-based volatile components, have often been reported to possess strong antimicrobial and
antioxidant potential. Some EO formulations are currently used as food preservatives and are kept in the
category “GRAS” in view of their favourable safety profile. Being volatile in nature, such EOs may be used
as plant-based fumigants for stored food commodities. Hence, EOs may play a significant role in overcoming
storage losses and in enhancing food shelf- life. This review presents an overview on EOs reported
to have prominent efficacy against storage fungi, mycotoxins, and as antioxidants. In addition,
safety concerns and future prospects as plant-based preservatives are also discussed.