Fungal exopolysaccharides are recognized as biomolecules of higher value and have several applications in food, medicine, cosmetic, and pharmaceutical industries. These exopolysaccharides include chitin, chitosan, pullulan, pleuran, scleroglucan, schizophyllan, lentinan, elsinan, grifolan, etc. These exopolysaccharides isolated from the fungi have the ability to modify the food texture, enhance the taste and nutrition in the food. In addition, they possess various properties such as immunomodulatory, antioxidant, antitumor, and antimicrobial properties. Considering these facts, they are widely used in various food products as gelling agents, binders, thickening agents, coagulants, humectants, carrier matrix, sequestrant, stabilizer, texturizer, and packaging material in bakery products, low-fat products, dairy products, etc. Despite the fact that they are highly beneficial, the literature available on the biosynthesis of fungal exopolysaccharides is limited, and the search for new fungal species with the scope to synthesis novel exopolysaccharides is of utmost importance. This chapter emphasizes the significant information on the exopolysaccharides isolated from the fungal bodies and explores their applications in the food and allied sector.