The water soluble polysaccharides were extracted from five edible funguses (Dictyophora indusiata, Russula vinosa Lindblad, Hypsizygus marmoreus, Hohenbuehelia serotina, Auricularia Auricula), then the total carbohydrate, protein and polyphenol contents of polysaccharides were analyzed. The antioxidant activities of the polysaccharides were performed by the determinations of ABTS radicals, hydrogen radicals and lipid peroxidation. The inhibition of cancer cell proliferation methods were employed by MTT. The results indicated that the polysaccharides have the dose-dependent manner antioxidant and antiproliferation activities in vitro.