Overexposure frequently occurs in practical scenarios, causing the loss of critical visual information. However, existing infrared and visible fusion methods still exhibit unsatisfactory performance in highly bright regions. To address this, we propose EPOFusion, an exposure-aware fusion model. Specifically, a guidance module is introduced to facilitate the encoder in extracting fine-grained infrared features from overexposed regions. Meanwhile, an iterative decoder incorporating a multiscale context fusion module is designed to progressively enhance the fused image, ensuring consistent details and superior visual quality. Finally, an adaptive loss function dynamically constrains the fusion process, enabling an effective balance between the modalities under varying exposure conditions. To achieve better exposure awareness, we construct the first infrared and visible overexposure dataset (IVOE) with high quality infrared guided annotations for overexposed regions. Extensive experiments show that EPOFusion outperforms existing methods. It maintains infrared cues in overexposed regions while achieving visually faithful fusion in non-overexposed areas, thereby enhancing both visual fidelity and downstream task performance. Code, fusion results and IVOE dataset will be made available at https://github.com/warren-wzw/EPOFusion.git.