Oxidative damage is one of the main reasons for loss of quality in sheep and goat meat and meat products. Synthetic antioxidants are the current solution to stabilize oxidative process and extend the shelf life of such products; however, the negative impact on health may impose a risk to consumers. Natural antioxidants, extracted from several vegetable sources, have been considered an attractive alternative for this conflicting situation. Phenolic compounds are minor components in herbs, spices, tea and fruits that display potential application against the progression of lipid and protein oxidation and their consequences for meat quality, which can even overcome the protective effect of synthetic compounds. This review aims to discuss the mechanisms associated to lipid and protein oxidation and their implications on meat quality attributes and provides recent data regarding the application of natural antioxidants in sheep and goat meat products, which have a high susceptibility to oxidative processes compared to other red meats.