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White jellyfungus is one of the most popular nutritional supplements. The polysaccharide (WJP) is an important active component of White jellyfungus, it not only has a variety of biological activities but also is nontoxic to humans. So, many scholars have carried out different research on WJP. However, the lack of a detailed summary of WJP limits the scale of industrial development of WJP.Herein, the research progress of WJP in extraction, isolation, structure, derivatization, and structure-activity relationship was reviewed. Different extraction methods were compared, the activity and application of WJP were summarized, and the structure-activity relationship of WJP was emphasized to provide effective theoretical support for improving the utilization of WJP and promoting the application of related industries.

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