Spain is the world’s leading producer of cherimoya, a climacteric fruit highly appreciated by consumers. However, this fruit species is very sensitive to chilling injury (CI), which limits its storage. In the present experiments, the effects of melatonin applied as dipping treatment on cherimoya fruit CI, postharvest ripening and quality properties were evaluated during storage at 7 °C + 2 days at 20 °C. The results showed that melatonin treatments (0.01, 0.05, 0.1 mM) delayed CI, ion leakage, chlorophyll losses and the increases in total phenolic content and hydrophilic and lipophilic antioxidant activities in cherimoya peel for 2 weeks with respect to controls. In addition, the increases in total soluble solids and titratable acidity in flesh tissue were also delayed in melatonin-treated fruit, and there was also reduced firmness loss compared with the control, the highest effects being found for the 0.05 mM dose. This treatment led to maintenance of fruit quality traits and to increases in the storage time up to 21 days, 14 days more than the control fruit. Thus, melatonin treatment, especially at 0.05 mM concentration, could be a useful tool to decrease CI damage in cherimoya fruit, with additional effects on retarding postharvest ripening and senescence processes and on maintaining quality parameters. These effects were attributed to a delay in the climacteric ethylene production, which was delayed for 1, 2 and 3 weeks for 0.01, 0.1 and 0.05 mM doses, respectively. However, the effects of melatonin on gene expression and the activity of the enzymes involved in ethylene production deserves further research.