Exopolysaccharides, known as bacterial EPS, are complex sugar polymers that bacteria secrete into their environment. EPSs play a crucial role in bacterial survival and proliferation by protecting cells from environmental threats. They also contribute to proper adhesion to numerous surfaces through biofilm production. Bacterial EPS display a wide range of biological activities conferred by their outstanding physical and chemical properties, which make them great candidates for medical and industrial applications. The main biological activities recorded up-to-day include antioxidant, anticancer, antiviral, anti-inflammatory, anticancer, antibacterial, immune-modulatory and chelating properties. They also can be used as thickening agents in the industry or as additives to improve soil quality in agriculture. The current review offers a thorough overview of bacterial EPS, their biosynthesis processes and regulation, and biotechnological strategies to increase their production. The review also unravels the main extraction, purification, and identification techniques and highlights the key functional features of these complex molecules.