Aerobic granular sludge (AGS) is a proven resource for the recovery of biopolymers like alginate-like polymers (ALP). This is the first report on the dynamics of ALP produced by AGS (ALP-AGS) in a full-scale wastewater treatment plant (WWTP), optimization of ALP recovery from AGS, and adsorption of cadmium (Cd2+) by ALP. Recovery of ALP was highest when using 120 mL of 0.2 M Na2CO3 at 70 °C for 45 min. Seasonal (1.5 years, over 3100 cycles) and intra-cycle changes in ALP-AGS in the WWTP were monitored. The ALP content in AGS increased in the transition period between winter and spring, reaching over 150 mg/g MLSS. In the batch reactor cycle, the ALP-AGS level peaked 2 h after the start of aeration (mean peak level: 120 mg/g MLSS), then decreased about two-fold by the end of the cycle. The ALP-AGS had a small surface area and a lamellar structure with crystalline outgrowths. The optimal conditions of Cd2+ adsorption with ALP were a dosage of 7.9 g d.m./L, a pH of 4–8, and an equilibrium time of 60 min. Carboxyl and hydroxyl groups were the key functional groups involved in Cd2+ adsorption. According to the Sips model, the maximum Cd2+ adsorption capacity of ALP-AGS was 29.5 mg/g d.m., which is similar to that of commercial alginate. AGS is a richer source of ALP than activated sludge, which ensures the cost-effectiveness of ALP recovery and increases the sustainability of wastewater treatment. Information on the chemical properties and yields of ALP from full-scale WWTPs is important for downstream applications with the recovered ALP.