The increasing global population has heightened the demand for food, leading to escalated food production and, consequently, the generation of significant food waste. Factors such as rapid ripening, susceptibility to physiological disorders, and vulnerability to microbial attacks have been implicated as contributing to the accelerated senescence associated with food waste generation. Fruits and vegetables, characterized by their high perishability, account for approximately half of all food waste produced, rendering them a major area of concern. Various postharvest technologies have thus been employed, including the application of phytohormone treatments, to safeguard and extend the storability of highly perishable food products. This review, therefore, explores the physicochemical properties and biological aspects of phytohormones that render them suitable for food preservation. Furthermore, this review examines the effects of externally applied phytohormones on the postharvest physiology and quality attributes of fresh produce. Finally, the review investigates the mechanisms by which exogenous phytohormones preserve food quality and discusses the associated limitations and safety considerations related to the use of these compounds in food applications.