Propolis is a natural hive product collected by honeybees from different plants and trees. The collected resins are then mixed with bee wax and secretions. Propolis has a long history of use in traditional and alternative medicine. Propolis possesses recognized antimicrobial and antioxidant properties. Both properties are characteristics of food preservatives. Moreover, most propolis components, in particular flavonoids and phenolic acids, are natural constituents of food. Several studies suggest that propolis could find use as a natural food preservative. This review is focused on the potential application of propolis in the antimicrobial and antioxidant preservation of food and its possible application as new, safe, natural, and multifunctional material in food packaging. In addition, the possible influence of propolis and its used extracts on the sensory properties of food is also discussed.