Abstract:Stropharia rugosoannulata，also known as red pine mushroom and red matsutake mushroom，belongs to the subphylum of basidiomycetes. It is an edible fungus possessing significant nutritional and medicinal value. Polysaccharides are one of the main active components of Stropharia rugosoannulata. Related studies have demonstrated that polysaccharides from Stropharia rugosoannulata exhibit a broad spectrum of biological activities，including antioxidant，anti-fatigue，antibacterial，digestive-aiding，prevention against coronary heart disease，hypoglycemic，hypolipidemic，anti-tumor，and immunomodulatory effects. This paper elaborated on the preparation，structural characteristics，bioactivities，and application development of polysaccharides from Stropharia rugosoannulata.