Owing to their rich chemical composition, essential oils (EOs) have many interesting properties, including antimicrobial activities. The presence of Fusarium and their secondary metabolites, mycotoxins, in cereal crops is a serious problem in agriculture, which consequently affects food quality. The aim of the present study was to investigate the effects of selected EOs on the growth of Fusarium graminearum and F. culmorum and the biosynthesis of mycotoxins in maize seeds. Chromatographic analysis of ergosterol as a fungal growth indicator showed a significant inhibition of Fusarium growth (83.24–99.99%) compared to the control samples, which as a consequence resulted in a reduction in mycotoxin concentrations. The addition of cinnamon, palmarosa, orange, and spearmint EOs was shown to be the most effective in reducing zearalenone concentration (99.10–99.92%). Deoxynivalenol analysis confirmed a very high reduction of this compound at the application all tested EOs (90.69–100%). The obtained results indicated that EOs have a great potential to inhibit growth of Fusarium fungi as well as reduce the concentration of mycotoxins in maize seed.