Virgibacillus salarius BM02 was identified as a highly exopolysaccharide (EPS) producing bacterium. The EPS production and its physico-chemical properties (intrinsic viscosity and total sugars/protein (TS/P) ratio) were optimized using Box-Behnken experimental design. Maximum EPS production of 5.87 g L −1 with TS/P ratio of 12.56 and intrinsic viscosity of 0.13 dL g −1 was obtained at optimal conditions of sucrose (4.0% w/v), peptone (0.75% w/ v) and incubation period of 4.69 day. The monosaccharide composition of EPS was mannose, arabinose and glucose at a molar ratio of 1.0:0.26:0.08. The EPS showed high water solubility (38.5%), water holding capacity (514.46%) and foaming capacity (55.55%). The EPS showed moderate antioxidant activity in vitro and good emulsion stabilizing properties against several hydrophobic compounds. The emulsifying activity was stable at different temperatures, pH and ionic strength. Additionally, the acid hydrolysate of the EPS was evaluated as a carbon source for the mixotrophic cultivation of industrially important Spirulina platensis. It induced an enhancement of not only biomass production of S. platensis, but also cellular contents (pigments, proteins and lipids) leading to higher nutritional value.