The isolation, optimization, purification and characterization of an extracellular polysaccharide (EPS) from a marine actinobacterium, Streptomyces violaceus MM72 were investigated. Medium composition and culture conditions for the EPS production by S. violaceus MM72 were optimized using two statistical methods: Plackett-Burman design applied to find the key ingredients and conditions for the best yield of EPS production and central composite design used to optimize the concentration of the three significant variables: glucose, tryptone and NaCl. The preferable culture conditions for EPS production were pH 7.0, temperature 35°C and NaCl concentration 2.0% for 120h with fructose and yeast extract as best carbon and nitrogen sources, respectively. The results showed that S. violaceus MM72 produced a kind of EPS having molecular weight of 8.96×10(5)Da. In addition, the EPS showed strong DPPH radical-scavenging activity, superoxide scavenging and metal chelating activities while moderate inhibition of lipid peroxidation and reducing activities determined in this study. These results showed the great potential of EPS produced by S. violaceus MM72 could be used in industry in place of synthetic compounds. The EPS from S. violaceus MM72 may be a new source of natural antioxidants with potential value for health, food and therapeutics. Copyright © 2013 Elsevier B.V. All rights reserved.