Improvements in living standards have led to increased consumer expectations regarding food quality. Consequently, the safety of food preservatives and preservation packaging has received growing attention. Propolis is a natural gelatinous solid produced by bees from plant resins. Owing to its rich content of various bioactive compounds and inherent antibacterial and antioxidant properties, propolis is considered an ideal food preservative with broad potential applications in food preservation. However, its bitter taste and strong aromatic flavor limit its use as a food additive, particularly regarding concentration and dosage. In recent years, strategies such as microencapsulation and film-casting technologies have been explored to enhance the utilization of propolis in food, thereby expanding its applications in food preservation. This study provides an overview of the classification, chemical composition, and physicochemical properties of propolis, examines its antibacterial and antioxidant mechanisms, as well as its notable film-forming properties, and summarizes recent advances in its application for food preservation in China and internationally. The findings of this study provide theoretical and technical support for the practical implementation of propolis in the food preservation industry.