Consumers have shown increased concern about the importance of adopting regular fresh fruit consumption. Because fresh fruit are highly susceptible to postharvest decay, several studies have focused on the development of alternative technologies to extend their market period. The application of polysaccharides in combination with essential oils (EOs) to formulate edible coatings has been considered an innovative strategy to reduce postharvest losses in fruit. However, available studies have used different methodological procedures related to the production and application of these coatings on fruit, which could be potential influential factors on the achievement of the desired effects in coated fruit. This review summarized the studies focusing on the application of edible coatings formed by polysaccharides and EOs to preserve fruit, in addition to examine and discuss possible factors affecting their functionalities. The approach given in this review envisages to contribute to research in edible coatings formed by polysaccharides and EOs and help to their optimized application as a postharvest treatment of fruit. Despite of the different methods selected for use in experimental assays, data of available literature demonstrate that coatings formed by polysaccharides (that is, chitosan—the only polysaccharide used as an antimicrobial, cassava starch, flaxseed gum, gum arabic, hydroxypropylmethylcellulose, locust bean gum, mesquite gum, pectin, pullulan, and sodium alginate) and different EOs (or their individual constituents) are effective to reduce postharvest losses in fruit and generally do not adversely affected their physicochemical and sensory characteristics during storage.