Pullulan is a water‐soluble extracellular polysaccharide, which consists of linear chains of
d
‐glucopyranosyl units that alternate regularly between one (1→6)‐α‐
d
and two (1→4)‐α‐
d
linkages, or alternatively a linear polymer of maltotriosyl units connected by (1→6)‐α‐
d
linkages. Bauer in 1938 was the first to observe the polysaccharide produced by the
Aureobasidium pullulans
fungus. This article reviews the physical, chemical, and biochemical properties of pullulan. Practical aspects such as laboratory‐ and industrial‐scale production as well as food, industry, and medical applications of pullulans and their derivatives are also discussed.