Cold plasma (CP) technology has proven very effective as an alternative tool for food decontamination and shelf-life extension. The impact of CP on food quality is very crucial for its acceptance as an alternative food processing technology. Due to the non-thermal nature, CP treatments have shown no or minimal impacts on the physical, chemical, nutritional and sensory attributes of various products. This review also discusses the negative impacts and limitations posed by CP technology for food products. The limited studies on interactions of CP species with food components at the molecular level offers future research opportunities. It also highlights the need for optimization studies to mitigate the negative impacts on visual, chemical, nutritional and functional properties of food products. The design versatility, non-thermal, economical and environmentally friendly nature of CP offers unique advantages over traditional processing technologies. However, CP processing is still in its nascent form and needs further research to reach its potential.