Within the present times, where technology is pacing up dynamically altogether, the necessity of suitable materials for the development industry is rising day by day. More and more buildings are being constructed to cater our needs of producing facilities. Materials required for buildings nowadays must fulfil a wider range of purposes than simply being basic building blocks or binding material. For buildings which require to be at higher temperatures, material used should have higher fire resistance and a high thermal conductivity while the fabric used to build huge suspension bridges must be lightweight. Many such requirements may arise reckoning on the environment and application of construction. Choice of fabric depends highly on these factors and its own properties. First found within the 1950s, EPS could be a fascinating material which serves many if not all of those purposes. Key highlights of its properties are its lightweight alongside the others like fire resistance, chemical activity, high load carrying capacity, high resistance against impact, etc. Properties of EPS vary with its density, compression and strain rate. On the account of those properties, EPS can be suitably used as backfilling material in embankments, lightweight concrete, Structural Insulated Panels, etc. This paper highlights the manufacturing of EPS, its properties, scope of improvement within the properties that lay effect on major applications within the scope of the topic. Various tests performed on the EPS specimen like water capillary absorption, mercury intrusion porosimetry, open porosity and impedance spectroscopy will be comprehended together with the test of mechanical strength.