Foodborne diseases and food poisoning caused by bacterial pathogens is a significant global health as well as economic concern. While synthetic compounds are widely used as preservatives to ensure food safety, growing concerns regarding their potential health risks and the rise of antimicrobial resistance have driven the search for natural alternatives. Essential oils (EOs) and their individual bioactive constituents, known as essential oil components (EOCs), have emerged as promising, eco-friendly candidates for food preservation due to their robust broad-spectrum antibacterial properties. This review provides comprehensive mechanistic insights into how individual EOCs exert their antibacterial effects, detailing the disruption of bacterial cell membranes, inhibition of vital metabolic enzymes and ATP synthesis, modulation of virulence gene expression, and the prevention and eradication of biofilms. Furthermore, the review explores the practical applications and limitations of EOCs in food systems, addressing challenges such as chemical instability, toxicity at high doses, and adverse organoleptic effects. It also highlights advanced formulation strategies, such as micro/nano-encapsulation, nano-emulsions, and chemical derivatization, which significantly enhance EOC stability, bioavailability, and overall preservative efficacy. Ultimately, understanding the multifaceted mechanisms of individual EOCs paves the way for their optimized and sustainable use, ensuring global food safety.