In this review, the focus of discussion is the polysaccharide fraction of cashew gum (CG), an exudate of Anacardium occidentale L., a plant typical of hot and humid tropical climates commonly found in northeastern Brazil and from which cashew nuts are extensively commercialized. CG purification, biological activity, and physical–chemical properties are explored in this work, in addition to applications of this biopolymer as a component of biomaterials used to either support, enhance, or replace damaged tissues or improve biological function. Evidence of its successful use to produce a range of biomaterials, from particles to gels and films, and to improve properties of already existing formulations are provided, supporting its versatility in this field of application.