Abstract: Matsutake is a kind of pure natural rare and precious edible fungus, and it is a rare and precious natural medicinal fungus in the world. Because the active ingredients contained in it have anti-tumor, anti-virus, and immunity enhancement functions, and the quantity is scarce, it is known as the "king of bacteria". Matsutake polysaccharides account for the highest proportion of its biologically active ingredients. This article reviews the research progress of the extraction and functions of Matsutake polysaccharides, and provides a basis for the rational development and utilization of Matsutake and its future research directions.