Pullulan is a microbial exopolysaccharide produced from Aureobasidium pullulans by submerged fermentation of a medium supplemented with carbon, nitrogen and other essential nutrients. These nutrients are expensive which increase the cost of pullulan production. The requirement of alternative cost-effective substrates for pullulan production is a prerequisite. Agro-based industries generate a large volume of solid/liquid waste and its accumulation generates a severe environmental impact. These wastes are composed of carbohydrates, proteins and other constituents, and can be used as substrates for the development of low-cost processes for the production of various microbial products. This could be a good environmental friendly waste management system. Pullulan production from agro-industrial wastes can be carried out by both submerged and solid-state fermentation by A. pullulans. Owing to its unique properties, pullulan has wide applications in many food-based industries. This review highlights pullulan production from agro-industrial wastes and potential applications of pullulan in various food industries.