Biomolecules from microorganisms, plants, and animals are real jewels of nature. Apart from other sources, the microbial community produces an enormous variety of biomolecules. Many of them are extremely important to mankind and other animals. Antibiotics, enzymes, exopolysaccharides (EPS), organic acids, and steroids are major compounds produced by bacteria, fungi, and algae. EPS as a biomolecule has drawn attention of the researchers due to its broad diversity in terms of chemical and structural aspects and unique physical properties. EPSs are extracellular metabolites (polysaccharides) produced by microbes with high molecular weight. The manufacturing of extracellular polymeric molecules requires a lot of energy. The key functions of EPS include signal-receptor communication, defense against predation, detoxification or hydration of chemicals, attachment to surfaces, movement, pathogenicity, and interaction with proteins. This multifunctional approach of EPS has been applied in many areas, such as food, biomedical, pharmaceutical, wastewater treatment, bioremediation, and bioleaching. EPS has special properties with industrial applications, such as thickening, gelling, and biocompatibility. The commonly known EPSs from bacteria and archaea are dextran, xanthan, and gellan gum. Galactosaminogalactan (GAG), pullulan, chitin, and chitosan are well-studied examples of EPSs from fungi. The ecological roles of microbial EPSs and their use in agricultural soils to enhance soil particle aggregation are a crucial component of soil fertility, health, and structure. The majority of the roles that EPS plays are connected to generating microorganism defense. Abiotic circumstances that vary widely in terms of temperature, salinity, pH, and dryness can cause the body to produce extracellular salt (EPS) in reaction to external stressors. Further, EPS producers offer the perfect conditions for chemical reactions, uptaking of nutrients, and defense against certain unfavorable environmental factors like salinity and dehydration. There is a need to add knowledge regarding the existing sources of EPS; with this aim, we are describing the current scenario of EPS source and its application in various fields.