The objective of this review was to evaluate the structural and functional role of Microbial exopolysaccharides (EPS) in food products. EPS are biologically produced natural macromolecules that provides distinctive rheological and physicochemical properties to food matrix. Understanding the interactions of EPS with food components at the molecular level enables the application in bakery products, dairy/non-dairybased functional products, processed meat, as probiotics delivery vehicles, etc. Further information at the biological level throws light on the potential use for immunomodulation, microbiota modulation, and gut-health management. At present, though the commercial applications of these polysaccharides are limited due to lower yield, the bio-thickening properties at lower concentrations increases its scope for structural and functional food production through ex-vivo/in-vivo applications. The information relating to the successful application of EPS for functional foods is scattered and the exploited structural-functional relationships are crucial for laying further investigations to develop futuristic products. This article discusses the application of EPS in functional food products and the prospective benefits.