The water extraction technology of Cantharellus cibarius polysaccharide was optimized by orthogonal experiments on the basis of single factor test.and in vitro antioxidative activities of Cantharellus cibarius polysaccharide was carried out, such as reducing force of Fe3 + , scavenging DPPH (1,1-dipheny l-2-pirylhydrazyl) radical activity and hydroxyl radical system, taking VC as control. The experimental results showed that the order of different factors affecting extracting rate was extraction temperature,ratio of water to material,extraction time.The optimal experimental parameters were 85 ℃extraction temperature, 20∶1 ratio of water to material, 2 hour extraction time, Polysaccharide yield was 8.93 percent. The Cantharellus cibarius Polysaccharide have a certain ability to restore Fe3+, have powerful scavenging efficiency to·OH free radical,its IC50 was 1.12 mg/mL, and have powerful scavenging efficiency to DPPH free radical too, its antioxidant capacity better than VC when Polysaccharide Concentration 2 mg/mL higher. By comparing can conclude, the crude Polysaccharide oxidation resistance are better than the purified polysaccharide.