The chemical structures of the polysaccharides from fruit body, spore, and submerged culture of T. fuciformis are similar. T. fuciformis polysaccharides mainly consist of heteropolysaccharides with α-(1→3)-linked D-mannan as the backbone chain, exhibiting diverse activities such as immunomodulation, antitumor, antioxidation, and antiaging. The present paper reviews the structural characteristics, various activities and structure -activity correlation of T. fuciformis polysaccharides.