In the present study, a novel cold water‐soluble polysaccharide fraction (LGP) with the average molecular weight of 1.78×106 Da was extracted and purified from Leucopaxillus giganteus and its primary structure as well as in vivo antitumor activity was evaluated. The monosaccharide composition of LGP was determined by ion chromatography to be galactose, xylose, glucose and fucose in a molar ratio of 2.568 : 1.209 : 1 : 0.853. Its backbone was composed of α‐D‐Glu, α‐D‐Xyl, α‐D‐Gal and α‐L‐Fuc. The results of in vivo antitumor experiment demonstrated that LGP could effectively protect immune organs, has excellent antitumor activity, and inhibit the proliferation of H22 solid tumors in a dose‐dependent manner. By analyzing Annexin V‐FITC/PI staining, cell cycle and mitochondrial membrane potential detection assay, we concluded that LGP induced apoptosis of H22 cells via S phase arrest and mitochondria‐mediated apoptotic pathway. Our results could provide valuable information for the potential application of LGP as an anti‐hepatoma agent.