Monarda fistulosa L. above-ground organs, collected at three phases of plant phenology, were investigated as potential raw materials for application in the food industry. They were evaluated regarding essential oil (EO) content, composition, and antimicrobial activity, as well as characteristics of phenolic fractions and antioxidant properties, which may determine health benefits and potential use in food preservation. The dominant constituent of leaf EO was carvacrol. In the inflorescence EO carvacrol content was especially high at the full flowering phase (45.12%), while during the fruit setting phase its content was lower than that of p-cymene (39.75%) and thymoquinone (25.04%). In the agar dilution test, leaf and inflorescence EOs inhibited the growth of the six tested microorganisms at the concentration range of 0.156-0.625 µL/mL. Leaves collected at the vegetative phase of plant growth were characterised by the highest content of rosmarinic acid and didymin. Inflorescences harvested during the flowering of plants were rich in linarin. Flavonoid content was highly correlated with antioxidant activity of extracts. Due to these properties, M. fistulosa extracts and essential oils could be used in the food industry as natural preservatives or antioxidants, thereby contributing to the development of safer and more sustainable food products.