The inverse scattering problem exhibits an inherent low-rank structure due to its ill-posed nature; however developing low-rank structures for the inverse scattering problem remains challenging. In this work, we introduce a novel low-rank structure tailored for solving the inverse scattering problem. The particular low-rank structure is given by the generalized prolate spheroidal wave functions, computed stably and accurately via a Sturm-Liouville problem. We first process the far-field data to obtain a post-processed data set within a disk domain. Subsequently, the post-processed data are projected onto a low-rank space given by the low-rank structure. The unknown is approximately solved in this low-rank space, by dropping higher-order terms. The low-rank structure leads to a H\"{o}lder-logarithmic type stability estimate for arbitrary unknown functions, and a Lipschitz stability estimate for unknowns belonging to a finite dimensional low-rank space. Various numerical experiments are conducted to validate its performance, encompassing assessments of resolution capability, robustness against randomly added noise and modeling errors, and demonstration of increasing stability.