Consumer demand for minimally processed seafood that retains its sensory and nutritional properties after handling and storage is increasing. Nevertheless, quality loss in seafood occurs immediately after death, during processing and storage, and is associated with enzymatic, microbiological, and chemical reactions. To maintain the quality, several synthetic additives (preservatives) are promising for preventing the changes in texture and color, development of unpleasant flavor and rancid odor, and loss of nutrients of seafood during storage at low temperature. However, the use of these preservatives has been linked to potential health hazards. In this regard, natural preservatives with excellent antioxidant and antimicrobial properties have been extensively searched and implemented as safe alternatives in seafood processing, with the sole purpose of extending shelf‐life. Natural preservatives commonly used include plants extracts, chitosan and chitooligosaccharide, bacteriocins, bioactive peptides, and essential oils, among others. This review provides updated information about the production, mode of action, applications, and limitations of these natural preservatives in seafood preservation.