The polysaccharides were extracted from the above-and below-ground parts of Codonopsis bulleyana Forrest ex Diels by cold and hot water, and dilute alkaline solution, respectively. The content of polysaccharide was measured by Phenol-sulfuric acid method, that is 4.18%, 1.96%, and 0.27% of the above-ground, 15.81%, 14.64%, and 4.51% of the below-ground, which was extracted by cold, warm water, and dilute alkaline solution, respectively. Further, we studied the reducing capacity and scavenging activity of the polysaccharides from Codonopsis bulleyana Forrest ex Diels (CBFP) for the free radical of DPPH, ·OH and O 2-·. The results display that the reducing capacity and scavenging activity of polysaccharides from CBFP increased with the concentration increasing. The clear ratio can even reach 98.7% for DPPH when concentrated to 11.196 mg/mL. Thus confirmed the polysaccharide form CBFP possesses excellent anti-oxidant activity.