Beta-glucan (β-glucan) is a longitudinal series of functional glycans comprised of β -D-glucopyranosyl remnants connected by 1 → 3 and 1 → 4 glucoside connections which are present in cereals, yeast, bacteria, and seaweeds. The physicochemical attributes of beta-glucan are influenced by several variables including temperature, pH, size of particles, solvent, source, ambient conditions, processing technique, modification, and extraction method. This present discourse emphasizes the physicochemical characteristics and the significance of the abovementioned variables on the physicochemical and functional characteristics of the beta-glucan. The physicochemical properties of beta-glucan, comprising solubility in water, swelling, rheology, water absorption, oil absorption, emulsification, and foaming characteristics, impact its functional properties for potential use in the food industry. The molecular structure, concentration, and modification techniques significantly influenced the viscoelastic behavior of beta-glucans. The food industry has the capacity to maximize the potential of β-glucans and exploit their functional benefits through modifications that cater to specific requirements in order to produce innovative and enhanced food products.