Platycodon grandiflorum is a commonly used Chinese herbal medicine in China, containing saponins, flavonoids, phenolic compounds, fatty acids, volatile oils, polysaccharides, and other active ingredients. It has the effects of regulating immunity, anti‐inflammatory, expectorant, lowering blood lipids, antioxidation, etc., and can be used to treat symptoms such as cough, sore throat, lung pain, and expectoration. Polysaccharides are one of the important bioactive substances in P. grandiflorum, which have better anti‐tumor and enhancing immune activity, and are widely used in medicine, health food, and other fields. P. grandiflorum polysaccharide (PGP) has various biological activities and is the main component and key bioactive substance of P. grandiflorum. It has various biological effects, including immune regulation, antioxidant, anti‐tumor, liver protection, hypoglycemic, and gastrointestinal protection. This paper systematically reviews the research progress on the extraction, separation and purification, structural characteristics, and biological activity of P. grandiflorum polysaccharides in recent years both domestically and internationally, to provide the theoretical basis for improving the utilization of P. grandiflorum polysaccharides and further studying the structure–activity relationship of P. grandiflorum polysaccharides.