Exopolysaccharides (EPS) are extracellular sugar metabolites/polymers of some slim microorganisms and, a wide variety of probiotics have been broadly investigated for their ability to produce EPS. EPS originated from probiotics have potential applications in food, pharmaceutical, cosmetology, wastewater treatment, and textiles industries, nevertheless slight is recognized about their function. The present review purposes to comprehensively discuss the structure, classification, biosynthesis, extraction, purification, sources, health-promoting properties, techno-functional benefits, application in the food industry, safety, toxicology, analysis, and characterization methods of EPS originated from probiotic microorganisms. Various studies have shown that probiotic EPS used as stabilizers, emulsifiers, gelling agents, viscosifiers, and prebiotics can alter the nutritional, texture, and rheological characteristics of food and beverages and play a major role in improving the quality of these products. Numerous studies have also proven the beneficial health effects of probiotic EPS, including antioxidant, antimicrobial, anti-inflammatory, immunomodulatory, anticancer, antidiabetic, antibiofilm, antiulcer, and antitoxin activities. Although the use of probiotic EPS has health effects and improves the organoleptic and textural properties of food and pharmaceutical products and there is a high tendency for their use in related industries, the production yield of these products is low and requires basic studies to support their products in large scale.