Objective: To study the preparation,physicochemical properties and antitumor activity of polysaccharide from the root of Paeonia lactiflora Pall. Methods: Polysaccharide extracted from the root of Paeonia lactiflora Pall. with water precipitated by ethanol,and named BSEP. Its physicochemical properties,including the content of carbohydrate,elemental composition and monosaccharide composition,and antitumor activity were determined. Results: Extraction yield,sugar and uronic acid content of BSEP were 1. 56%,80. 56% and 3. 33%,respectively. Glucose was the main monosaccharide. The bioactive assay showed that the inhibition rates of Lewis pulmonary carcinoma were 54. 58% and 43. 33%,and the inhibition rates of Sarcoma 180 were 47. 08% and 38. 98%when two doses of BSEP( 200 and 100 mg·kg-1) were administered intraperitonearlly( ip) every day for 10 d after the tumor inoculation,respectively. Conclusion: BSEP was a crude polysaccharide with much glucose and minor uronic acid. Antitumor activity of BSEP on Lewis pulmonary carcinoma was better than on Sarcoma 180 slightly.