Toxic metal contamination has serious effects on human health. Crude oil that may contain toxic metals and oil spills can further contaminate the environment and lead to increased exposure. This being the case, we chose to study the bio-production of inexpensive, environmentally safe materials for remediation. Streptomyces sp. MOE6 is a Gram-positive, filamentous bacterium from soil that produces an extracellular polysaccharide (MOE6-EPS). A one-factor-at-a-time experiments showed that the maximum production of MOE6-EPS was achieved at 35 °C, pH 6, after nine days of incubation with soluble starch and yeast extract as carbon sources and the latter as the nitrogen source. We demonstrated that MOE6-EPS has the capacity to remove toxic metals such as Co(II), Cr(VI), Cu(II) and U(VI) and from solution either by chelation and/or reduction. Additionally, the bacterium was found to produce siderophores, which contribute to the removal of metals, specifically Fe(III). Additionally, purified MOE6-EPS showed emulsifying activities against various hydrophobic substances, including olive oil, corn oil, benzene, toluene and engine oil. These results indicate that EPS from Streptomyces sp. MOE6 may be useful to sequester toxic metals and oil in contaminated environments.