Naematelia aurantialba is a rare colloidal edible fungus endemic to China. It is often used as traditional medicine and food due to it was excellent nutritional value and biological activity. Many studies reported that polysaccharide was the main active component of N. aurantialba. Also， the study showed that Naematelia aurantialba polysaccharide has many functions such as anti-oxidation， anti-inflammation， anti-tumor， anti-hyperlipidemia， anti-diabetes and immune regulation. In this paper， the research progress on the preparation， structural characteristics， biological activity and industrial application of N. aurantialba polysaccharides was reviewed， in order to provide important theoretical basis for the further study of its anti-aging effect and the development of natural food， functional food.