Recently, degradable biopolymers have become increasingly important as potential environmentally friendly biomaterials, providing a wide range of applications in various fields. Bacterial exopolysaccharides (EPSs) are biomacromolecules, which due to their unique properties have found applications in biomedicine, foodstuff, textiles, cosmetics, petroleum, pharmaceuticals, nanoelectronics, and environmental remediation. One of the important commercial polysaccharides produced on an industrial scale is xanthan. In recent years, the range of its application has expanded significantly. Bacterial cellulose (BC) is another unique EPS with a rapidly increasing range of applications. Due to the great prospects for their practical application, the development of their highly efficient production remains an important task. The present review summarizes the strategies for the cost-effective production of such important biomacromolecules as xanthan and BC and demonstrates for the first time common approaches to their efficient production and to obtaining new functional materials for a wide range of applications, including wound healing, drug delivery, tissue engineering, environmental remediation, nanoelectronics, and 3D bioprinting. In the end, we discuss present limitations of xanthan and BC production and the line of future research.