Abstract: Morchella esculenta L. is a rare medicinal and edible fungus with high nutritional value and medicinal value. Polysaccharides are the main macromolecular substance with a wide range of physiological activities. Polysaccharides are the major active substances of most edible fungi which have biological activities such as immune regulation, anti-tumor, antioxidant and anti-aging and so on. This article mainly observed the current researches on Morchella's polysaccharides from respects of compositional analysis of polysaccharides, the extraction and purification of polysaccharides, the biological activities and the structure-activity relationship. This paper mainly provided a theoretical basis for further research and development of the polysaccharides from Morchella esculenta L.