The present study determined the effect of the packaging type and aging time on the meat quality of water buffalo (Bubalus bubalis) bulls. A total of n = 36 longissimus lumborum (LL) muscles from n = 18 buffalo bulls were obtained. Half LL muscles were packed in modified atmosphere packaging (Hi-O2 MAP), vacuum packaging (VP), and oxygen-permeable packaging (OP) on day 1, while the other half were aged for 7 days. Meat instrumental color, cooking loss, Warner–Bratzler shear force (WBSF), thiobarbituric acid reactive substances (TBARS), and total volatile basic nitrogen (TVB-N) of the LL steaks were analyzed, both on unaged and aged buffalo meat. Color CIE L* and C* values on all display days and a* on the first 4 days of the simulated retail display under Hi-O2 MAP packaging were significantly higher than those of the VP and OP. WBSF and TBARS values were also higher under Hi-O2 MAP as compared to the other packaging. Steaks under OP exhibited lower cooking loss but higher TVB-N values than the MAP and VP. The 7-day-aged buffalo meat indicated higher instrumental color (L*, a* and C*), cooking loss, and lower WBSF values than fresh meat. This study concluded that Hi-O2 MAP improved the color; however, it negatively influenced the buffalo meat’s WBSF and TBAR values. Furthermore, VP and aging were the most effective in decreasing the WBSF values of buffalo meat.