The food contamination by Aspergillus flavus represents a significant public health concern due to its capacity to produce carcinogenic aflatoxins. Thus, its inhibition using bioactive compounds would meet not only microbiological safety but also consumer demand for more natural foods without the addition of synthetic preservatives. In this context, the objective of this study was to produce biodegradable poly (lactic acid)/polycaprolactone (PLA/PCL) blend films in different proportions (100/0; 90/10; 80/20; 70/30) with thymol (30% w/w), aimed at applications in active food packaging with antimicrobial and antioxidant properties. The antifungal activity was evaluated through agar diffusion and microatmosphere assays, while the antioxidant activity was determined using the DPPH method. All the films evidenced antioxidant activity of over 45.00%, thereby demonstrating the capacity of thymol to stabilize the DPPH radical. The PLA/T film completely inhibited fungal growth in both methodologies until the 7th day of incubation. On the other hand, the presence of PCL influenced the diffusion coefficient of thymol, impacting on the antifungal activity of the films. Films containing 10, 20, and 30% (w/w) PCL exhibited inhibition halos of 62, 39, and 38 mm (microatmosphere) and 43, 26, and 9 mm (agar diffusion) in diameter, respectively. These results suggest that the solubility of thymol was greater in the presence of higher concentrations of PCL, slowing its diffusion from the matrix to the external environment. Therefore, the incorporation of thymol in active packaging represents a promising alternative for extending the shelf life of foods susceptible to oxidation processes and the development of A. flavus, and may even mitigate aflatoxin contamination.