In the present study, a new extracellular polysaccharide (EPS-M816) was obtained during the growth of Mesorhizobium loti Semia 816 on a crude glycerol-based medium. EPS-M816 precipitate mainly consisted of carbohydrates (82.54%) and proteins (11.31%), and the weight average molecular weight was estimated at 1.646 × 106 Da. The biopolymer was characterized by FT-IR and NMR spectroscopy, and was found to have typical functional groups of other rhizobial polysaccharides. Furthermore, the rheological and emulsifying properties were investigated. The EPS-M816 solution (1.0% w/v) showed typical pseudoplastic non-Newtonian fluid behavior, and the addition of sodium and potassium chloride (1 mol L−1) increased the apparent viscosity. Regarding its emulsification activity, EPS-M816 formed emulsions with different food-grade vegetable oils (soybean, rice, canola, sunflower and corn oils), showing emulsification index values over 65% in 24 h, indicative of strong emulsion-stabilizing capacity. The biopolymer was able to form gels with texture parameters similar to those reported for xanthan gum and low syneresis. Overall, these results suggest that EPS-M816 is a good candidate for application in the food, cosmetics and pharmaceutical industries as a thickening, gelling, stabilizing and emulsifying agent.