China has a large variety of edible mushrooms and ranks first in the world in terms of production and variety. Nevertheless, due to their high moisture content and rapid respiration rate, they experience constant quality deterioration, browning of color, loss of moisture, changes in texture, increases in microbial populations, and loss of nutrition and flavor during postharvest storage. Therefore, this paper reviews the effects of essential oils and plant extracts on the preservation of edible mushrooms and summarizes their mechanisms of action to better understand their effects during the storage of mushrooms. The quality degradation process of edible mushrooms is complex and influenced by internal and external factors. Essential oils and plant extracts are considered environmentally friendly preservation methods for better postharvest quality. This review aims to provide a reference for the development of new green and safe preservation and provides research directions for the postharvest processing and product development of edible mushrooms.