Most foods derived from plant origin are very nutritious but highly perishable products. Nowadays, the food industry is focusing on the development of efficient preservation strategies as viable alternatives to traditional packaging and chemical treatments. Hence, polysaccharide-based edible coatings have been proposed because of their properties of controlled release of food additives and the protection of sensitive compounds in coated foods. Thus, this technology has allowed for improving the quality parameters and extends the shelf life of fruits and vegetables through positive effects on enzyme activities, physicochemical characteristics (e.g., color, pH, firmness, weight, soluble solids), microbial load, and nutritional and sensory properties of coated foods. Additionally, some bioactive compounds have been incorporated into polysaccharide-based edible coatings, showing remarkable antioxidant and antimicrobial properties. Thus, polysaccharide-based edible coatings incorporated with bioactive compounds can be used not only as an efficient preservation strategy but also may play a vital role in human health when consumed with the food. The main objective of this review is to provide a comprehensive overview of materials commonly used in the preparation of polysaccharide-based edible coatings, including the main bioactive compounds that can be incorporated into edible coatings, which have shown specific bioactivities.