Microbial exopolysaccharides (EPS) are an abundant and important group of compounds that can be secreted by bacteria, fungi and algae. The biotechnological production of these substances represents a faster alternative when compared to chemical and plant-derived production with the possibility of using industrial wastes as substrates, a feasible strategy after a comprehensive study of factors that may affect the synthesis by the chosen microorganism and desirable final product. Another possible difficulty could be the extraction and purification methods, a crucial part of the production of microbial polysaccharides, since different methods should be adopted. In this sense, this review aims to present the biotechnological production of microbial exopolysaccharides, exploring the production steps, optimization processes and current applications of these relevant bioproducts.