The present study was undertaken to evaluate efficacy of turmeric and aloe vera extract in extending shelf life of goat milk paneer. The paneer was made by admixing goat milk and buffalo milk in the ratio of 60:40 so as to achieve a standard fat 4.5%. The treatment group, T1, was made by adding 5 mL/100 mL (v/v) of turmeric extract in heated milk before coagulation. Similarly, 5 mL/100 mL (v/v) aloe vera extract was added to heated milk for group T2 while T3 was prepared by adding both turmeric extract 5 mL/100 mL (v/v) and aloe vera extract 5 mL/100 mL (v/v), and the control was made without any additive. The extracts before incorporation were assessed for their antioxidant and antimicrobial potential by analysing total phenolic content, ABTS and DPPH percent inhibition and zone of inhibition. The developed paneer samples were evaluated for physico-chemical, oxidative and microbiological changes, and sensory attributes during storage at refrigeration temperature for ten days. The results revealed that paneer prepared with addition of extracts significantly (p < 0.05) suppressed physico-chemical deterioration. Significantly (p < 0.05) lower peroxide value, TBARS, FFA and microbial counts were noticed in T3 than T1, T2 and the control. The sensory attributes were also better (p < 0.05) maintained in T3 during storage. The results concluded that the combination of turmeric and aloe vera extract significantly improves the shelf life of paneer under refrigeration storage and these might be used as phyto-preservatives in paneer.