Foods in storage conditions are severely contaminated with different molds and hazardous mycotoxins, causing a major threat to nutritional value. Different synthetic chemicals are being exploited against molds and mycotoxin-mediated deterioration of foods; however, the negative impacts on health and environment restrict their wide-scale applications. Utilization of plant volatiles, especially the essential oilsEssential oils of aromatic plants as preservative, has been a traditional practice. However, easy volatility, low dispersibility, solubility, and less stability of plant volatile components lead to decreasing concern for their commercial applications in food and agricultural sectors. Nanofabrication of plant volatile components within biodegradable and nontoxic matrix polymers revolutionized their commercial application in broad-scale agricultural industries in terms of their controlled release and efficient antifungal potency. The antifungal and antimycotoxigenic mechanism of action of nanofabricated plant volatile components were associated with disruption in plasma membrane integrity, stability, and deformities in mitochondrial membrane potential along with methylglyoxal biosynthesis. Based on this background, the present article deals with anti-molds and anti-mycotoxin efficacy of plant volatile components including essential oils along with their mechanisms of action and efficacy enhancement through nanofabrication technology in different matrix polymers so as to recommend them as a novel natural preservative against molds and mycotoxin-mediated nutritional deterioration of food commodities in agricultural sectors.