Marine rhodophyte polysaccharides have a wide range of described biological properties with nontoxic characteristics, and show great potential in prebiotics and the functional foods industries. However, there is a virtual lack of Gracilaria blodgettii polysaccharides (GBP) profiling and their bioactivities. This study was designed while keeping in view the lack of physical and chemical characterization of GBP. This polysaccharide was also not previously tested for any bioactivities. A linear random coil conformation was observed for GBP, which was found to be a polysaccharide. A significant sulfate (w/w, 9.16%) and 3,6-anhydrogalactose (AHG, w/w, 17.97%) content was found in GBP. The significant difference in its setting (27.33 °C) and melting (64.33 °C) points makes it resistant to increasing heat. This, in turn, points to its utility in industrial scale processing and in enhancing the shelf-life of products under high temperatures. A radical scavenging activity of 19.80%, 25.42% and 8.80% was noted for GBP (3 mg/mL) in 2,2-diphenyl-1-picrylhydrazyl (DPPH), 2,2’-azino-bis (ABTS) and hydroxyl radical (HO) scavenging assays, respectively. Therefore, the findings suggest that Gracilaria blodgettii polysaccharides display a good antioxidant potential and may have potential applications in the functional food industry.