This study explores the efficacy of bamboo essential oil (BEO) incorporated at 15 ppm (T1, BEO-I) and 30 ppm (T2, BEO-II) on the overall physicochemical and oxidative stability, microbial deterioration, and sensory acceptability of meatballs stored for 20 days under refrigerated conditions. Analysis of various parameters, including physicochemical quality, color (CIE L*, CIE a* and CIE b*), generation of oxidative products (TBARS), microbial growth, and sensory acceptability of meatballs were evaluated at 5-day intervals. In addition, the total phenolics and flavonoid content of BEO were estimated, and fatty acids were determined by Gas chromatography (GC.) To gain insights into the biological activities of the BEO, antioxidant assays were determined in vitro using various methods. The antibacterial activity of BEO was also evaluated against Gram-positive (Staphylococcus aureus and Bacillus subtilis) and Gram-negative (Vibrio cholera, Salmonella Typhimurium, Shigella flexneri, Proteus vulgaris, Escherichia coli and Klebsiella pneumoniae) bacterial strains. The BEO contained a good quantity of total phenolics and flavonoids. In addition, the oil exhibited very potent antioxidant activity scavenging reactive oxygen and other such species, effectively showing IC50 at a very minimal concentration. Further, the BEO exhibited a strong antibacterial effect with MICs within 2 µL and MBCs from 5 to 7 µL for Gram-positive as well as Gram-negative bacteria, respectively. At both the concentrations used, BEO did not show any negative effect on the color of cooked meatballs but rather increased the microbiological and oxidative stability during the overall storage period. Meatballs treated with BEO had considerably reduced oxidative changes in terms of TBARS levels compared to the control. The total viable microbial count was lowest in BEO-treated meatballs and the highest in control. Both control and treated meatballs had a desirable flavor and good acceptability. The sensory attributes and aroma of treated meatballs were better and acceptable during the storage study, whereas the control samples were disliked by the panelists on 15th day. From this study, it can be concluded that bamboo essential oil could be used as a benign and non-toxic preservative to improve the quality and shelf life of cooked meatballs stored under refrigerated conditions.