Abstract A sulfated polysaccharide fraction from the red alga Gracilaria intermedia (PLS) was obtained by papain digestion (60 °C, 30 min). The extract was subjected to colorimetry and turbidimetry analysis, Fourier transform infrared (FTIR) spectroscopy, 1H, 13 C and 2D 1H COSY nuclear magnetic resonance (NMR) and gas chromatography/mass spectrometry analysis. Antioxidant activity tests were performed (chelation of ferrous ion, total antioxidant capacity, and scavenging of DPPH radicals); significant activity of the extract indicated that these polysaccharides may be used as non-synthetic antioxidants. The rheological behavior of aqueous polysaccharide solutions was studied at 25 ± 1 °C using steady-shear and dynamic oscillatory measurements. All the solutions analyzed showed pseudoplastic behavior and potential to act as a thickening agent, as proved through a preliminary comparison with a commercial product used for this application.