To explore the protective effects of polysaccharide fermented milk from White Hypsizygusmarmoreus on intestinal tract， intestinal flora and antioxidant of mice，the polysaccharide fermented milk was prepared by using water extracted polysaccharide (WHN) and enzyme extracted polysaccharide (WHE) as experimental materials. The results showed that polysaccharide fermented milk increased fecal water content of mice. Colon index and colon length of mice in high-dose polysaccharide extraction group were 1.62 and 9.59 cm， which were significantly increased compared with blank group. Short chain fatty acids content in colon contents of high-dose polysaccharide extraction group was 26.45 mmol/L， 1.38 times of that in blank group. The contents of reducing sugars and monosaccharides increased significantly. Moreover， the intestinal flora species abundance in the group of the high dosage of fermented milk with WHN was highest， and the abundances of Bacteroidetes， Actinobacteria and Lactobacillus were increased at the genus and phylum levels by analyzing the Alpha diversity indexes. While the effects of the high dosage of fermented milk with WHE on antioxidant and anti-hyperlipidemic were the best， it could increase the activities of T-AOC， SOD and CAT， decrease the content of MDA. The findings indicated that the polysaccharide fermented milk from White Hypsizygusmarmoreus could play a key role in improving the intestinal physiology， regulating gut microbiota and enhancing antioxidant capacity in mice， providing research ideas and a theoretical basis for the polysaccharide fermented milk of from White Hypsizygusmarmoreus， WHE fermented milk group is better than WHN fermented milk group， in a certain dose dependence.