During the last decade, water demand and wastewater generation has increased due to urbanization around the globe which had led to an increase in the utilization of chemicals/synthetic polymers for treating the wastewaters. These synthetic polymers used during the coagulation/flocculation process are non-renewable, non-biodegradable, and have a potential neurotoxic and carcinogenic effect. From the literature it is clear that extracellular polymer substance (EPS) is a potential bioflocculant, moreover it is renewable, biodegradable, eco-friendly, non-toxic as well as economically valued product. The various identification techniques and extraction methods of EPS are elaborated. Further application of EPS as absorbent in removing the dye from the industrial effluent is presented. Moreover EPS as a potential adsorbent for heavy metal removal from the various effluent is discussed. In addition, EPS is also utilized for soil remediation and soil erosion control. Mainly, EPS as bioflocculant in treating raw water, wastewater treatment, leachate and sludge management are summarized in this review.