This study aimed to evaluate traditional Brazilian sausage (linguiça calabresa) elaborated with oregano and basil extracts as natural antioxidants. Hydroalcoholic extracts of dried oregano and basil leaves were prepared, freeze-dried, and evaluated for antioxidant activity by Folin-Ciocalteu, DPPH, FRAP, and ABTS assays. Freeze-dried oregano extract showed higher (p < 0.05) antioxidant activity than freeze-dried basil extract by all methods. Extracts were used in preparations of seven sausage formulations, as follows: F1, 0.05% oregano extract and 0.05% basil extract; F2, 0.1% oregano extract and 0.05% basil extract; F3, 0.05% oregano extract and 0.1% basil extract; F4, 0.075% oregano extract and 0.075% basil extract, F5, 0.1% oregano extract and 0.1% basil extract; F6 (control), without extract; and F7, 0.01% butylated hydroxytoluene (BHT). Sausage formulations were analyzed for chemical composition, pH, acidity, water activity, lipid oxidation, color, and texture. Formulations showed differences in pH at different storage periods. F1, F2, F3, and F7 had the lowest (p < 0.05) lipid oxidation values at 53 days of storage. F1, F2, F6, and F7 showed higher a* values and lower b* values. Hardness and chewiness decreased (p < 0.05) during storage for all formulations. F1, F2, and F3 had similar efficiency to that with synthetic antioxidant BHT (F7), therefore, oregano and basil extracts have potential application as natural antioxidants in the food industry.