β-d-Glucan glucohydrolases from glycoside hydrolase family 3 (GH3) act to break-down β-glucans, which is critical to growth and cell wall remodeling in plants. To investigate the function and application of the rice GH3 β-d-glucan glucohydrolases OsExoI, we produced the protein from a codon-optimized cDNA in the heterogenous expression host Pichia pastoris. After purification from the medium, OsExoI was found to be heterogeneously glycosylated and could be separated into pools with different glycosylation levels and specific activities by size exclusion chromatography (SEC). The total glycosylated protein pool had specific activity similar to that of protein from which N-linked carbohydrate had been removed with endoglycosidase H. Purified enzyme hydrolyzed β-1,3- and 1,4- linked oligosaccharides, polysaccharides, and synthetic p-nitrophenyl-β-d-glucopyranoside. The deglycosylated OsExoI had catalytic efficiency (kcat/Km) slightly higher than pooled glycosylated OsExoI, although their overall biochemical properties were similar. OsExoI also exhibits transglycosylation activity using pNP-β-d-glucopyranoside, oligosaccharides, or polysaccharides as glucosyl donor to glycosylate a variety of alcohols. These results suggest that the OsExoI can be applied to alkyl glycoside production using natural polysaccharides or oligosaccharides released during biomass degradation as a source of glucosyl moieties.