The disposal and management of waste have been a burning issue due to the continuous food waste generation in various industrial, agricultural, household, and other food sectors. Fruit and vegetable processing can produce food waste, which can be utilized as a low-cost source of bioactive substances. Natural food additives that extend the shelf life of food are currently of great interest due to the negative health effects associated with prolonged consumption of foods containing artificial food additives. This review describes the important properties of natural bioactive compounds extracted from various fruit and vegetable waste including; antioxidant activities and antimicrobial activities. The primary focus of the present review is to highlight the importance of natural bioactive compounds extracted from food waste as a promising alternative to synthetic additives to extend the shelf-life of food products. The solvent used in the extraction process has a great impact on the quantity and quality of the resulting extract of bioactive compounds. Therefore, even though the same plant material has been used, different solvent extracts lead to different antioxidant activities. The natural bioactive compounds extracted from food waste demonstrated antioxidant and antimicrobial activities that could be used to extend the shelf-life of food products. Increasing the storage stability of natural bioactive compounds is a challenging task that can be achieved via encapsulation. This review suggests that using natural bioactive compounds from leftover fruit and vegetable instead of artificial additives can help prolong the shelf life of food.