The Gram-positive bacterial strain isolated from soil was identified as the non-pathogenic Microbacterium terregens. The exopolysaccharide (CPS) produced from M. terregens was obtained by isopropanol precipitation (13.72 g L−1 growth medium), The resulted exopolysaccharide was purified by chromatography on DEAE-cellulose and Sephacryl S-200 columns, when two polysaccharide fractions termed CPSI and CPSII were obtained. Structure features of CPSI and CPSII were investigated by a combination of chemical and chromatographic analyses, such as acid hydrolysis, methylation analysis, periodate oxidation–Smith degradation, HPLC, GC–MS, and IR. The results indicated that CPSI and CPSII were composed of glucose: mannose in a ratio of 2.7:1 and 3.2:1 with molecular weights 80 and 150 kDa, respectively. It has a backbone of (1 → 4)-linked β-glucose residues, which occasionally branches at O-6. The branches were composed of (1 → 4)-linked β-mannose residues. The antioxidant activity of the CPS, CPSI and CPSII was evaluated in-vitro by 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical scavenging assay (RSA). CPSI fraction showed the highest antioxidant activity among the three fractions, with an IC50 value of 230 μg mL−1. The effect of molecular weight of the polysaccharide on the improvement of the antioxidant potential seems to be significant.