Mrthylov~orits sp. starin SSl, a restricted facultative methylotrophic bacterium. growing on methanol was found to produce small amount of extracellular polysaccharide (EPS) under the optimal growth conditions, while it produced large amount of the polysaccharide under nitrogen limihtion. The optimal ratio of carbon to nitrogen for EPS production were found to be 5.2. The optimal temperature and pH for EPS production were 30^{circ}C.$ and 6.5, spectively. The EPS consisted of carbohydrate, protein and small amount pyruvic acid. The reducing sugars in the EPS consisted mainly of glucose and a small amount of mannose. The EP!; treated with ethanol (EPSae) was found to have several properties different from those of the EPS which was not treated with ethanol (EPSbe); the EPSae contained no pyruvic acid. It also contained less protein and showed much lower viscosity than the EPSbe. The viscosity of EPSbe was very sensitive to NaCl and decreased t;harply upon exposure of the polysaccharide to even 0.5% (wiv) NaCl solution. The viscosity, however, was increased irreversibly upon exposure of the saccharide to high temperature. The molecular weight of EPS was estimiited to be $2.5{ imes}$10^6$</TEX> - $3.5{ imes}*$10^6$</TEX> using Sepharose hB column chromatography. Scanning electron microscopy revealed that the lyophilized EPSbe and EPSae have a structure of thread-like fibers and a mesh-like structure resembling bee-hive, respectively.