Food additives are substances that have long been applied in processed foods, either natural or synthetic. Several purposes have been fulfilled by the application of food additives, the two most notable of which are known to be preventing food spoilage and providing specific colors and flavors. Some food additives are added to food products through direct contact, whereas the rest are added indirectly e.g., through their packaging bags. In addition to the economic and commercial benefits provided by food additives, over the past two decades, studies have demonstrated a significant correlation between excessive consumption of the foods containing such additives (e.g., BHA and BHT) and several adverse health effects, e.g., the incidence of cancer and skin conditions, among others. Through different age groups, children have been found to be the population at the highest risk for such adverse effects induced by food additives. Indeed, it has been reported that food additives may give rise to attention deficit hyperactivity disorder (ADHD) among the child population. Emerging evidence has shown that emulsifiers (e.g., carboxymethyl cellulose and polysorbate), employed as food additives, might alter gut microbiota composition, leading to ulcerative colitis, affecting immune and inflammatory responses, and mental health problems. Therefore, in this review, alongside the beneficial impact of food additives, their adverse health effects as well as their acceptable daily intake have been investigated.