Novel edible composite coatings based on pea starch and guar gum (PSGG), PSGG blended with lipid mixture containing the hydrophobic compounds shellac and oleic acid (PSGG-Sh), and a layer-by-layer (LBL) approach (PSGG as an internal layer and shellac as an external layer), were investigated and compared with a commercial wax (CW) and uncoated fruit on postharvest quality of ‘Valencia’ oranges held for up to four weeks at 20 °C and 5 °C with an additional storage for 7 d at 20 °C. The incorporation of lipid compounds into the PSGG coatings (PSGG-Sh) generally resulted in the best performance in reducing fruit respiration rate, ethylene production, weight and firmness loss, peel pitting, and fruit decay rate of the coated oranges. Fruit coated with PSGG-Sh and a single layer PSGG coatings generally resulted in higher scores for overall flavor and freshness after four weeks at 5 °C followed by one week at 20 °C than uncoated fruit, as assessed by a sensory panel. Although the LBL coating reduced weight loss and respiration rate with improved firmness retention to a greater extent than the single layer PSGG coating, the bilayer coating also resulted in higher levels of ethanol causing increased perception of off-flavors. Overall results suggested that PSGG-based edible coatings could be a beneficial substitute to common commercial waxes for maintaining quality and storability, as well as extending shelf life of citrus fruit and potentially other fresh horticultural produce.