In this research work, a water-soluble polysaccharide (LAP) isolated from the fruits of Lycium arabicum was investigated. LAP contains carbohydrates (82.45 � 1.23 %), protein (1.56 � 0.21 %), and uronic acids (3.56 � 0.34 %). The analysis of the monosaccharide composition revealed the presence of rhamnose, arabinose, galactose, glucose and mannose in a molar ratio of 4.7 : 1.5 : 1 : 8.7 : 16.4 : 5.6. The extracted polysaccharide (PS) was considered as heterogeneous and highly branched by interpreting its GC/MS, FT-IR and NMR data. Crystallinity of LAP was inferred from its X-ray diffractometry (XRD) and Scanning Electron Microscopy (SEM) analysis. LAP exhibited an interesting stability at high temperatures (~254°C) and in a wide range of pH (3-9) deduced, respectively, from its DSC and zeta potential analysis. LAP displayed a strong antioxidant activity at low concentrations evaluated by the 2,2-diphenyl-1-picrylhydrazyl (DPPH)-radical scavenging, ferric reducing activity power (FRAP), free radical scavenging ability, superoxide radical-scavenging and hydroxyl radical-scavenging abilities. Inhibition of erythrocyte hemolysis and lipid peroxidation was also assessed. In 5 h, LAP treatment allowed the protection of the damaged erythrocytes caused by AAPH (2,2-azobis(2-amidinopropane) dihydrochloride), to reduce the level of malondialdehyde (MDA) as well as to increase the reduced glutathione (GSH) level.