Nutmeg and mace from Myristica fragrans Houtt. are renowned for their culinary significance and medicinal properties. This study was designed to analyze the functional properties, proximate and mineral composition of nutmeg and mace, phytochemical estimation, antioxidant and antimicrobial potential of nutmeg and mace essential oils and oleoresins. The study was further elaborated by testing their synergistic interaction with streptomycin and antibiofilm potential of the most effective treatment. Results revealed better functional properties, higher fiber (35.2%) and mineral (K, Mg, P, Ca, Mn, Zn) content in nutmeg than mace. Nutmeg and mace essential oils were isolated by hydrodistillation and their respective oleoresins were prepared by the Soxhlet extraction method. Phytochemical screening showed a greater phenolic content in mace oleoresin (43.85 mg GAE/g of dw) and terpenoid content in mace essential oil (75.4%). Among all the treatments, mace oleoresin revealed best antioxidant potential against mustard oil degradation during its accelerated oxidation at 70 °C when stored for 7–28 days with minimum increase in peroxide, anisidine, thiobarbituric acid and total oxidation values of mustard oil. Mace oleoresin also revealed the maximum antibacterial activity against Staphylococcus aureus, Bacillus spp., Escherichia coli and Yersinia enterocolitica (MIC values; 180–530 μg/ml). It also revealed synergistic interaction with streptomycin against all the test bacteria along with a notable decrease in biofilm formation (50% of MIC.) GC-MS studies of mace oleoresin showed the presence of terpenoids, phenylpropanoids, phenols and fatty acids and their esters. Hence, mace oleoresins may be used as a natural and safe food preservative.