The present invention relates to a stable, aqueous freshener composition for the reduction or elimination of malodors in air and on fabrics. The composition comprises from about 0.1% to about 3.0% by weight, hydrogen peroxide as a malodor oxidant; an effective level of undecylenic acid (and/or derivative thereof) as a malodor absorber preblended with a fragrance; a surfactant to solubilize the fragrance/malodor absorber blend; an acid based stabilizer in a range from about 0.008% to about 0.60% by weight; an optional pH buffer; and an aqueous carrier. The composition can be delivered via a spray dispenser for treatment of indoor air and fabrics. The composition has a pH of less than about 6 and does not contain ingredients known to soil, stain or damage fabrics. When applied as a fine mist, the composition delivers effective control of a broad range of malodors, while remaining imperceptible on surfaces when dry.