This review addresses the recent advances of the application of essential oils (EOs) in in vitro systems and in bread systems for the reduction of fungal spoilage. Given the number of research articles concerning the use of EOs as potential antifungal food preservatives, it is generally accepted that they must be given further attention for use in specific food matrices. However, despite the numerous articles stating the antifungal effect of EOs, very few report the actual application in bread or other bakery products and the impact addition can have on dough and bread production, physico-chemical, microbiological and sensorial quality. Advances have been made in the area of food preservation, but further research is necessary to fully comprehend the mode of action and to establish actual food applications of EOs in the bread and bakery industry.