Galactomannans (GMs) are polysaccharides with diverse industrial applications due to their functional properties, such as their use in thickeners, stabilizers, and gelling agents. Their use originated in the food industry and has rapidly expanded to other industries due to their biocompatibility, biodegradability, non-toxicity, and low cost. Galactomannans can be extracted from different plant species, resulting in gums with diverse physicochemical properties. Furthermore, there are different methods for their extraction and purification, each with their own advantages and disadvantages. The structure of galactomannans determines their application in industry, so their characterization is also important. This article presents a comprehensive review of galactomannan sources, as well as their extraction, purification, and characterization methods. It also includes the main applications of these polysaccharides in various sectors.