Microbial exopolysaccharides (EPS) provide a broad range of applications. Thus, there is an increasing interest in the production, characterization, and use of EPS derived from various microorganisms. Extremophile polysaccharides have unique properties and applications due to its unique structures. The importance of exopolysaccharides synthesized by a new bacterial strain, Alkalibacillus sp. w3, was highlighted in this study. Alkalibacillus sp. w3, a haloalkalitolerant firmicute that was recovered from a salt lake, was optimized for EPS production, and its biological activities were studied. Exopolysaccharide synthesis was observed in Horikoshi I broth medium. The optimal culture conditions for achieving the highest exopolysaccharide production were a 7-day incubation period, pH 10, and 250 g/L of NaCl. The most effective carbon and nitrogen sources for EPS production were glucose and a combination of yeast extract and peptone. Additionally, Plackett-statistical Burman’s design showed that all factors tested had a favorable impact, with glucose having the greatest significance on the production of EPS. The model’s best predictions for culture conditions resulted in a two-fold improvement in EPS production compared to the original yield before optimization. The recovered EPS contained 65.13% carbohydrates, 30.89% proteins, and 3.98% lipids. Moreover, EPS produced by Alkalibacillus sp. w3 demonstrated anticancer activity against hepatocellular carcinoma (HepG2) and human colon carcinoma (HCT-116) cell lines, with IC50 values as low as 11.8 and 15.5 µg/mL, respectively, besides antibacterial activity against various Gram-positive, Gram-negative bacteria, and yeast. Based on these results, EPS made by Alkalibacillus sp. w3 has many useful properties, which make it suitable for use in the medical field.