Due to shorter shelf life and inadequate postharvest facilities, every year a huge loss of banana occurs in Bangladesh. An effective postharvest practice can reduce the spoilage rate as well as can extend the shelf life of banana. In this context, this current study was conducted to assess the effect of banana peel extract (BPE) on shelf life and quality characteristics of ripe banana (cultivar: sagar). Four types of ripe banana samples were prepared and were assessed to find the changes of different physico-chemical parameters like weight loss, color, flavor, firmness, total soluble solid (TSS), pH and spoilage rate. Storage study showed that shelf life of banana can be extended around 2-3 days by spraying BPE on the outer surface of ripe banana. Bananas without treatment were completely spoiled on the fifth day of storage whereas 31.25, 50.00 and 69.23% samples were spoiled on that day in case of bananas treated with BPE of 80% ethanol, distilled water and acetone respectively. The best retention of color, flavor and texture was found for samples treated with BPE of 80% ethanol. Finally, this study revealed that banana peel can be used as a potential source to preserve banana with extended shelf stability