Polylactic acid (PLA) is known to be one of the most extensively used biodegradable thermoplastic polyesters, with the potential to replace conventional petroleum-based packaging materials; however, the low flexibility of films prepared using PLA has limited the applications of this biopolymer. In this study, in order to improve the mechanical properties of PLA films and to provide them with antioxidant properties, egg yolk oil was used as a biobased plasticizer. For this purpose, PLA films with increasing concentrations of egg yolk oil were prepared and the effects of this oil on the light transmission, transparency, colour, water vapour permeability, solubility, antioxidant activity and mechanical properties of the films were characterized. In addition, electron microscopy of the structure of the transverse section of the films was also performed. Results showed that the formulations with higher concentrations of egg yolk oil increased the films’ elasticity, and their light barrier and antioxidant properties. Finally, in order to test the films as a packaging material for food applications, extra virgin olive oil and resveratrol, both photosensitive compounds, were packed and exposed to ambient light. Overall, the results show the potential of egg yolk oil as an environmentally friendly plasticizer that can improve the flexibility of PLA films and provide them with additional photoprotective properties.