Polysaccharides from non‐conventional sources, such as fruits, have gained significant attention recently. Aegle marmelos (Bael), a non‐conventional fruit, is an excellent source of biologically active components with potential indigenous therapeutic and food applications. Apart from polyphenolic components, this is an excellent source of mucilaginous polysaccharides. Polysaccharides are one the major components of bael fruit, having a high amount of galactose and glucuronic acid, which contributes to its potential therapeutic properties. Therefore, this review emphasizes the conventional and emerging techniques of polysaccharide extraction from bael fruit. Insight into the attributes of polysaccharide components, their techno‐functional properties, characterization of bael fruit polysaccharide, emulsifying properties, binding properties, reduction of hazardous dyes, application of polysaccharides in film formation, application of polysaccharide as a nanocomposite, and biological activities of bael fruit polysaccharides are discussed. This review also systematically overviews the relationship between extraction techniques, structural characteristics, and biological activities. Additionally, recommendations, future perspectives, and new valuable insight towards better utilization of bael fruit polysaccharide have been given importance, which can be promoted in the long term.