Abstract: Dictyophora polysaccharide from Dictyophora was extracted by hot water extraction. The effects of extraction temperature,pH,the powder-to-water ratio and extraction time were studied by single factor experiment and orthogonal experiment. The results showed that optimal extract was at temperature 90℃,pH8.0,powder-to-water ratio 1:70 g/mL and extraction in 2.5 h. Under this condition,the yield of Dictyophora polysaccharide was 13.09%. The results of anti-oxidation experiments of Dictyophora polysaccharide showed that the scavenging rate of ABTS free radicals by the 0.6 mg/mL Dictyophora polysaccharide was 92.76% and the scavenging rate of DPPH free radical by the 25 mg/mL Dictyophora polysaccharide was 70.55% respectively. The extraction technology is reasonable and feasible,and the polysaccharide has stronger antioxidant activity.