Citrus EOs is an economic, eco-friendly and natural alternatives to chemical preservatives and other synthetic antioxidants, such as sodium nitrites, nitrates or benzoates, commonly utilized in food preservation. Citrus based EOs is obtained mainly from the peels of citrus fruits which are largely discarded as wastes and cause environmental problems. The extraction of citrus oils from the waste peels not only saves environment but can be used in various applications including food preservation. The present article presents elaborated viewpoints on the nature and chemical composition of different EOs present in main citrus varieties widely grown across the globe; extraction, characterization and authentication techniques/methods of the citrus EOs; and reviews the recent advances in the application of citrus EOs for the preservation of fruits, vegetables, meat, fish and processed food stuffs. The probable reaction mechanism of the EOs based thin films formation with biodegradable polymers is presented. Other formulation, viz., EOs microencapsulation incorporating biodegradable polymers, nanoemulsion coatings, spray applications and antibacterial action mechanism of the active compounds present in the EOs have been elaborated. Extensive research is required on overcoming the challenges regarding allergies and obtaining safer dosage limits. Shift towards greener technologies indicate optimistic future towards safer utilization of citrus based EOs in food preservation.