COVID-19 caused by the novel SARS Coronavirus-2 (SARS-CoV-2) is causing serious blockades in the global public health sphere. In the absence of specific antiviral treatment, exploration of plant-based products with antiviral potential has gained attention. We present the research prospects of utilizing coconut oil directly or its derivatives such as monolaurin in treating COVID-19 with a special emphasis on the biochemical characteristics features. The potential pitfalls therein and way forward are also highlighted. Possibility of developing a medium chain fatty acid-based nasal spray as a prophylactic or therapeutic is also discussed. Nevertheless, the potential impediments in devising suitable therapeutic models are also presented.