The composite effects of gum arabic (GA) (5, 10, 15, and 20%) and chitosan (CH) (1.0%) on the biochemical and physiological characteristics of banana fruits stored at 13 ± 1 °C and 80 ± 3% relative humidity (RH) for 28 days and afterward for 5 days at simulated marketing conditions (25 °C, 60% RH) were investigated. Significant (P ≤ 0.05) differences were observed for the entire GA plus CH treatments as compared to the control. However, the results showed that after 33 days of storage, the weight loss and soluble solids concentration of fruits treated with 10% GA plus 1.0% CH composite coating were 24 and 54% lower, whereas fruit firmness, total carbohydrates, and reducing sugars were 31, 59, and 40% higher than the control, respectively. Furthermore, the composite edible coating of 10% GA plus 1.0% CH delayed color development and reduced the rate of respiration and ethylene evolution during storage as compared to the control. Similarly, sensory evaluation results also proved the effectiveness of 10% GA plus 1.0% CH composite coating by maintaining the overall quality of banana fruits. Consequently, the results of scanning electron microscopy also confirmed that the fruits coated with 10% GA plus 1.0% CH composite edible coating had very fewer cracks and showed a smooth surface. These findings suggest that 10% GA plus 1.0% CH as an edible composite coating can be used commercially for extending the storage life of banana fruits for up to 33 days.