The purpose of this study was to investigate the extraction, characterization and bioactivities of purified water-soluble polysaccharides (BCP) from Baphicacanthis Cusiae Rhizoma et Radix. Based on the response surface methodology, the optimal extraction parameters were obtained as follows: extraction temperature of 60.0°C, extraction time of 35.0min, and ratio of water to raw material of 24.5ml/g. Then, BCP was separated and purified by chromatography of DEAE-52 and Sephadex G-100, and obtained two purified fractions, named as BCP-1 and BCP-2. Their molecular weights were respectively 11.6 and 26.7 KDa with mainly composed of glucose, arabinose and galactose. BCP-2 had higher contents of sulfuric radical and uronic acid than BCP-1. Finally, their antioxidant and anti-inflammatory activities were evaluated. Both of BCP-1 and BCP-2 exhibited strong antioxidant activity in vitro, and the antioxidant of BCP-2 was better. Besides, they showed ideal anti-inflammatory activity in vitro and in vivo.