Topical fungal infections are widespread and often persistent, leading to increasing interest in plant-based therapies due to their broad-spectrum activity and lower risk of side effects. This study focuses on the formulation and evaluation of a polyherbal antifungal ointment incorporating Bakuchi seed oil (Psoralea corylifolia), Neem extract (Azadirachta indica), and Tea Tree oil (Melaleuca alternifolia)—each known for their traditional and scientifically supported antifungal properties. The ointment was prepared using a hydrophilic ointment base to ensure optimal skin absorption and patient compliance. Physicochemical parameters such as pH, spreadability, stability, and homogeneity were assessed to determine the suitability of the formulation for topical use. In vitro antifungal activity was tested against common dermatophytes including Candida albicans and Aspergillus niger, showing significant inhibition zones, indicating potent antifungal efficacy. The combination of these three herbal agents demonstrated synergistic effects, offering a promising, natural alternative for the treatment of superficial fungal infections. Further in vivo and clinical studies are recommended to validate its therapeutic potential.