Abstract: In recent years, edible and medicinal mushroom have been widely concerned by researchers at home and abroad for their unique biological activities. As one of the most potential mushrooms, Oudemansiella is high in protein, and low in fat and fiber, which has high value in food and medicine. Many studies have shown that the Oudemansiella polysaccharides have a wide range of biological activities, such as antioxidant, anti-inflammatory, immunomodulatory, antifungal, regulate intestinal flora and so on. This paper reviews the extraction method, chemical structure and biological activities of Oudemansiella polysaccharides in recent years to provide references for the further development and utilization of Oudemansiella edible mushroom.