Exopolysaccharides produced by lactic acid bacteria are a diverse group of polysaccharides produced by many species. They vary widely in their molecular, compositional, and structural characteristics, including mechanisms of synthesis. The physiochemical properties of these polymers mean that they can be exploited for the sensorial and textural enhancement of a variety of food and beverage products. Traditionally, lactic acid bacteria exopolysaccharides have an important role in fermented dairy products and more recently are being applied for the improvement of bakery products. The health benefits that are continually being associated with these polysaccharides enable the development of dual function, added-value, and clean-label products. To fully exploit and understand the functionality of these exopolysaccharides, their isolation, purification, and thorough characterization are of great importance. This review considers each of the above factors and presents the current knowledge on the importance of lactic acid bacteria exopolysaccharides in the food and beverage industry.