Exopolysaccharide (EPS) show remarkable properties in various food applications. In this review paper, EPS composition, structural characterization, biosynthesis pathways, and recent advancements in the context of application of EPS-producing Lactobacillus spp. in different food industries are discussed. Various chemical and physical properties of Lactobacillus EPS, such as the structural, rheological, and shelf-life enhancement of different food products, are mentioned. Moreover, EPSs play a characteristic role in starter culture techniques, yogurt production, immunomodulation, and potential prebiotics. It has been seen that the wastes of fermented and non-fermented products are used as biological food for EPS extraction. The main capabilities of probiotics are the use of EPS for technological properties such as texture and flavor enhancement, juiciness, and water holding capacities of specific food products. For these reasons, EPSs are used in functional and fermented food products to enhance the healthy activity of the human digestive system as well as for the benefit of the food industry to lower product damage and increase consumer demand. Additionally, some pseudocereals such as amaranth and quinoa that produce EPS also play an important role in improving the organoleptic properties of food-grade products. In conclusion, more attention should be given to sustainable extraction techniques of LAB EPS to enhance structural and functional use in the developmental process of food products to meet consumer preferences.