Abstract: The effect of ultrasonic power, extraction temperature, compound enzyme dosage and extraction time on the yield of polysaccharide from Schisandra chinensis were investigated by single factor experiment. The ultrasonic assisted complex enzyme extraction of polysaccharides from Schisandra chinensis was optimized by orthogonal experiment based on the results of single factor experiment. The inhibitory activity of Schisandra chinensis polysaccharide on α-glucosidase was analyzed by enzyme inhibition and fluorescence spectroscopy. The results showed that the optimum extraction parameters to achieve the highest polysaccharide yield (8.12%±0.10%) from Schisandra chinensis by ultrasonic-assisted extraction of complex enzyme were obtained under a ultrasonic power of 200 W, extraction temperature of 30 ℃, enzyme dosage of 0.20% and extraction time of 40 min. The IC₅₀ of Schisandra chinensis polysaccharide on α-glucosidase inhibition was 27.15 μg/mL, and α-glucosidase activity was inhibited by a mixture of competitive and non competitive. Meanwhile, Schisandra chinensis polysaccharide could cause fluorescence quenching of α-glucosidase. The results provide a theoretical basis for the further development of Schisandra chinensis.