Taro, a staple food for residents in Africa and parts of Asia, is an important source of carbohydrate. China has abundant taro resources. Taro contains polysaccharide, vitamins, minerals and other substances. Taro polysaccharides, as a significant active ingredient in taro, are mainly composed of monosaccharide units such as glucose, galactose, arabinose, mannose, and so on. Taro polysaccharides have antioxidant, lipid‐lowering, and immunomodulatory effects. In today's world, people are interested in food containing natural ingredients, which stimulates the potential of taro polysaccharides in the food, pharmaceutical, medical, and other fields. Herein, the extraction and purification, structural characterization, functional activity, and application of taro polysaccharides are reviewed to strengthen the cognition of taro polysaccharides. It provides references for further research and development of taro polysaccharides. © 2022 Society of Chemical Industry.