polysaccharide (PNP), a major bioactive component derived from this fungus, exhibits diverse biological activities, including anti-inflammatory, antioxidant, antitumor, hypoglycemic, hypolipidemic, and immunomodulatory effects. As a natural polysaccharide, PNP also holds considerable value in the food industry, where it functions as a thickener, gelling agent, and more. This review comprehensively summarizes recent advances in the extraction, purification, structural characterization, biological activities, structure-activity relationships, and food applications of PNP. Furthermore, it provides a foundation for future research aimed at optimizing extraction and purification techniques, elucidating structure-activity relationships, exploring structural modification strategies, and developing functional food products based on PNP.