Bakanae disease is a destructive rice disease in South Korea caused by Fusarium fujikuroi infection. Chemical fungicides have been used to manage the disease, but the emergence of fungicide-resistant strains has gradually increased. Two chelating agents, chitosan oligosaccharides (COS) and ethylenediaminetetraacetatic acid (EDTA), are well known as biosafe and biocompatible antimicrobial agents. In this study, we compared the actions of COS and EDTA to gain a better understanding of the underlying antimicrobial activities and to evaluate them as eco-friendly fungicides against F. fujikuroi. While COS exhibited a rapid fungicidal effect on hyphal growing cells within 5 min, EDTA had a fungistatic effect on reversible growth inhibition. Scanning electron microscopy revealed that COS treatment resulted in pore-formation and cellular leakage along the growing hyphae, whereas EDTA caused no significant morphological changes. COS activity was greatly suppressed by the addition of Ca2+ to the medium, and EDTA action was largely suppressed by Mn2+ and slightly by Ca2+, respectively. Taken together, these results indicated that two chelating agents, COS and EDTA, have different modes of antimicrobial action on F. fujikuroi. Thus, the combination of chelating agents having different modes of action might be an effective disease management strategy to prevent or delay the development of fungicide-resistant strains.