As the major biological activity components,Flammulina velutipes polysaccharides have attracted tremendous attentions due to their antitumor and immunoregulation functions.Current research progress in the extraction,purification,structure characterization and biological activities of polysaccharides from Flammulina velutipes are reviewed in this paper.Meanwhile,problems encountered during the investigations of Flammulina velutipes polysaccharides are also discussed,which will provide a useful guidance for future studies.