The production of the extracellular polysaccharide from the thermophilic bacterium Aeribacillus pallidus was carried out in the study. The polysaccharide was isolated and characterized by means of GC-MS, FT-IR, DSC, and XRD analyses. The rheological, foaming, and emulsifying properties of the polysaccharide were determined. Using a sucrose-rich medium, 27.1 mg dried EPS/100 mL was obtained with 94% carbohydrate and 1.5% protein. The monosaccharide profile of water-soluble EPS-IM17 was composed of rhamnose, arabinose, xylose, mannose, glucose, and galactose. The foaming capacity and stability of EPS-IM17 were 26.67% (± 4.71) and 40.01% (± 4.95), respectively, and the foaming stability was not affected by time. The emulsification index of EPS-IM17 was 64.54 (± 8.71) and decreased to 38.47 (± 10.44) after 24 h. EPS-IM17 had a crystalline structure. Solutions at different concentrations (10, 20, 40 mgmL-1) showed pseudoplastic behavior. In conclusion, this report could be a lead study for the use of Aeribacillus pallidus extracellular polysaccharide for different applications.