Microalgae are used in flocculation processes because biopolymers are released into the culture medium. Microalgal cell growth under specific conditions (temperature, pH, luminosity, nutrients, and salinity) provides the production and release of exopolysaccharides (EPS). These biopolymers can be recovered from the medium for application as bioflocculants or used directly in cultivation as microalgae autoflocculants. The optimization of nutritional parameters, the control of process conditions, and the possibility of scaling up allow the production and industrial application of microalgal EPS. Therefore, this review addresses the potential use of EPS produced by microalgae in bioflocculation. The recovery, determination, and quantification techniques for these biopolymers are also addressed. Moreover, other technological applications of EPS are highlighted.