Bacterial exopolysaccharides (EPS) are high-molecular-weight polymers secreted into the extracellular environment, exhibiting diverse structures and functions. Association of EPS with pathogenesis has been extensively investigated, but now their role as multifunctional platforms with transformative potential across health, industry, and environmental sustainability are emerging. This review summarizes recent advances in EPS research, emphasizing their biosynthesis pathways, structural diversity, and functional properties. Special focus is given to bacterial sources, optimization strategies for large-scale production, and emerging applications in biomedicine, environmental remediation, and food industry. Advances in genetic engineering and fermentation technology have enhanced EPS yield and tailored functionalities, expanding their industrial relevance. Challenges such as production cost, downstream processing, and structural characterization are critically discussed. Future perspectives highlight the integration of omics tools, synthetic biology, and sustainable bioprocessing to unlock the full potential of bacterial EPS as versatile, eco-friendly biomaterials.