This study extracted the mucilage from Corchorus olitorius L. to observe its chemical and functional properties and suggest its possible applications in various fields. Corchorus olitorius L. mucilage was isolated by hot water extraction. FT-IR and HPAEC-PAD were used to describe the chemical composition, and the functional properties and antioxidant activities of the mucilage were also examined. The mucilage was mainly composed of uronic acid (34.24%, w/w). The solubility was 79.48 ± 1.08% at 65 °C, the swelling index was 29.01 ± 2.54% at 25 °C, and the water-holding capacity and oil-binding capacity were 28.66 ± 1.48 and 8.423 ± 0.23 g/g, respectively. The mucilage viscosity increased from 4.38 to 154.97 cP in a concentration-dependent manner. Increasing the concentration decreased the emulsion activity and increased the emulsion stability, most likely because of the corresponding increase in surface tension and viscosity. Results from antioxidant assays confirmed that the in-vitro radical scavenging activity of the mucilage increased with concentration. This study shows that C. olitorius L. can be utilized as a new hydrocolloid source, with potential applications in fields ranging from foods to cosmetics and pharmaceuticals.