This study details the synthesis of tomato extract–magnetic iron oxide nanoparticles (TEx-MIONPs), focusing on the antioxidant capacity and food preservation applications. Utilizing key reagents, including 98% iron (III) chloride hexahydrate, a controlled process yielded TEx-MIONPs. The characterization involved X-ray diffraction (XRD), transmission electron microscopy (TEM), scanning electron microscopy (SEM), and Fourier-transform infrared spectroscopy (FTIR). XRD analysis revealed a predominant cubic magnetite structure. TEM and SEM depicted diverse morphologies, such as ultrasmall cubic and quasi-spherical structures. FTIR spectroscopy confirmed Fe–O bonds in a mixed phase of Fe2O3 and Fe3O4. Antioxidant activity assessment showcased the potent scavenging effects of TEx and TEx-MIONPs against DPPH free radicals, with 100% inhibition after 20 min and an IC50 of about 137 µg/mL, respectively. Furthermore, TEx-MIONPs, when stabilized with banana-based bioplastic and utilized as nanocoating preservation materials, demonstrated efficacy in grape preservation by exhibiting a lower weight loss rate compared to the control group over six days. Specifically, the weight loss rate for preserved grapes was 28.6% on day 6, contrasting with 34.6% for the control. This pioneering study amalgamates the natural antioxidant properties of tomatoes with the enhanced characteristics of magnetic iron oxide nanoparticles, offering sustainable solutions for food preservation and nanopackaging. Ongoing research aims to refine the experimental conditions and explore the broader applications of TEx-MIONPs in various contexts.