Despite the importance of potato crops for food security, it is threatened by fungal diseases. Late blight caused by Phytophthora infestans is one of the oomycetes that pose a major threat to global potato production. In this review, we compiled the recent data on P. infestans impacts on potato crops with a focus on the management approaches. We discussed the impacts of the mycelium and sporangia on leaves, tuber, and crops of potato plants in the field and during storage. Concerning the management approaches, we demonstrated the negative impacts of chemical fungicides on the environment and public health, as well as the development of resistance in treated P. infestans. Further, we analyzed the eco-friendly methods with a focus on natural products such as medicinal plant extracts and microbial agents. Essential oils (EOs) and extracts of medicinal plants showed higher antifungal activities against mycelium and spores of P. infestans due to their richness in chemical compounds such as polyphenols, flavonoids, sterols, terpenoids, and alkaloids. These biomolecules impact membranes, mitochondria, enzymes, and hyphae of the pathogen cells. Due to the lower stability of plant extracts, nanotechnologies such as nanoencapsulation of biomolecules and EOs were also discussed to clarify their promoting role in enhancing the antifungal activities of plant derivatives. Other modern methods such as RNA interference and biological control agents (BCAs) were also included. In the end, we discussed the limits and challenges of the eco-friendly approaches to demonstrate their ability to substitute the chemical fungicides.