Bananas (Musaceae) are one of the world's most common fruit crops and the oldest medicinal plants that are used to treat a variety of infections. There has been recent interest in elucidating the efficiency of the naturally active ingredients, particularly the antimicrobials, in this plant. This review begins with a short background of the banana plant and its cultivars as well as a brief description of its parts. Different experimental tests of the antimicrobial effects and the responsible bioactive compounds of the banana part extracts are then elaborated. A variety of recent and evolving applications of banana parts in the development of functional bakery, dairy, beverage, and meat products as a wheat substitute, fiber/prebiotic source, fat/sucrose substitute, and natural antioxidant are also discussed. Finally, the recent challenges and opportunities presented by different banana parts in creating bio-packaging materials and bactericidal nanoparticles are addressed. This plant contains a variety of antimicrobial substances, including dopamine, gentisic acid, ferulic acid, lupeol, and 3-carene. However, few studies have been conducted on its use as a bio-preservative in food products; it should also be seen as a natural source of both antimicrobial and antioxidant agents. It offers a potentially simple eco-friendly alternative to antibacterial and fungicidal agents rather than chemicals. Low cost, reliable methods for purifying these compounds from banana waste could be useful for food storage and creating more value-added bio-packaging products for perishable food goods.