There is an increasing demand for bioactive-loaded bio-based packaging materials to obtain food products with extended shelf-life and improved quality. The aims of the present study were to fabricate a Citrus paradise essential oil (CPEO)-loaded Lallemantia iberica seed mucilage (LISM) based edible coating and to evaluate the effects of the CPEO-LISM edible coating on the preservation of lamb slices during cold storage for 9 days. CPEO was rich in limonene (79.4%) with superb antioxidant and antimicrobial properties. Its incorporation into the edible coating (at 0, 0.5, 1, 1.5, and 2% v/v) effectively inhibited the microbial growth (total viable count, psychrotrophic count, Escherichia coli, Staphylococcus aureus, and fungi) and lipid oxidation (peroxide and thiobarbituric values) in lamb slices. The meat color (L*, a*, b*) and sensory properties were also preserved by the edible coating containing CPEO, and the bioactive edible coating based on LISM and CPEO, particularly LISM + 2%CPEO significantly inhibited quality deterioration of lamb slices and improved the shelf-life of the meat (> 9 days). The results suggested that the LISM-CPEO edible coating could be developed as an antioxidant and antimicrobial packaging to improve the shelf-life of various meat products.