Abstract: This article mainly studied the extraction,purification,antioxidant and immunomodulatory effects of a novel peptide(DIP)isolated from the fruiting bodies of Dictyophora indusiata. DIP were extracted with phosphate buffer,separated by molecular exclusion chromatography and purified by reversed-phase high performance liquid chromatography(RP-HPLC). The antioxidant activity of DIP was evaluated by free radical scavenging. The immunomodulatory effect of DIP was evaluated by measuring the phagocytic activity and cytokine secretion ability of RAW264.7 cells. The results showed that the extraction yield of DIP was 0.59%. DIP could efficiently scavenge radicals,and had excellent antioxidant activity. Moreover,DIP could promote the phagocytic secretion of macrophages,and promote the secretion of cytokines,especially the secretion of NO and the expression of Toll-like receptors. Therefore,DIP could be exploited as a potential immunomodulatory drug.