Food, being the basic component, is required to fulfill the nutritional requirements. Extracellular polysaccharides (EPSs) have been the boosting button for food industries for decades. They are either discharged outside the cell by microorganisms or synthesized extracellularly. They are the biopolymers which are produced by microorganisms like algae, fungi, and bacteria. Commonly, algae like red microalgae, green microalgae, and diatoms are involved in EPS production. Algal-derived EPS is used to improve the texture of food by playing the role of a stabilizer and thickening agent. As an additive, they play a role in reducing inflammation and enhancing the rheological properties of food, while various fungi species included in Basidiomycota and Ascomycota are responsible for EPS production. Fungal-derived EPS is crucial in the food industry by playing a role in film packaging and stabilizing food. However, lactic acid bacteria and bifidobacteria are well-known bacteria for EPS production. They play a significant role in preserving moisture in dairy products and fermented meat. Moreover, the food industry is facing a lot of challenges, like food-borne parasite diseases and food spoilage. Various parasites like Toxoplasma gondii, Giardia duodenalis, and Cryptosporidium are leading causes of the spread of various food-borne parasites, while microorganisms like Pseudomonas and Penicillium expansum are responsible for food spoilage. Some physical and chemical methods of prevention are used to protect the food industry from the challenges it is facing.