<p>Edible fats and oils are easily susceptible to oxidation and degradative deterioration during storage and processing, leading to rancidity, loss of nutrients, off-flavor, and low consumer acceptability. Conventional synthetic antioxidants, although superior, have posed safety and regulatory concerns, with a resulting high demand for natural alternatives. Plant-based natural antioxidants, essential oils, phenolics, and bioactive compounds have also gained significant interest over the past few years because they can slow down lipid peroxidation and extend oil shelf life. In parallel with this, nanotechnology principles, particularly the development of a nanofiber mat through electrospinning and solution-blowing, have been identified as new delivery systems for controlled release of antioxidants. These active packaging materials from nanofibers have been reported to release natural antioxidants in a controlled manner, which increases oil stability. The review outlines edible oil oxidation, natural antioxidants, nanofiber mats, and their effect in food preservation. In addition, the mechanisms of inhibition of lipid oxidation are provided, and an overview of recent advances in research on smart packaging strategies is provided. A combination of bioactive compound and nanofibers is an eco-friendly, sustainable, and practical approach to enhancing the oxidative stability and shelf life of food products.</p>