A new exopolysaccharide component named as PC‐EPS was isolated from Cordyceps cicadae, and its structure was determined. PC‐EPS was identified to be constituted of mannose, glucose, and galactose (28.84:1:19.42), with an average molecular weight of 3.72 × 106 Da, according to the results of monosaccharide composition, Fourier transform infrared, nuclear magnetic resonance, periodate oxidation and Smith degradation, and methylation studies. According to structural characterization, PC‐EPS's connection type was made up of →6) ‐α‐d‐Manp (1→, →2) ‐β‐d‐Manp (1→, →4) ‐α‐d‐Manp (1→, →2) ‐α‐d‐Galf (1→, and →4) ‐α‐d‐Galp (1→. PC‐EPS may significantly increase phagocytosis and RAW264.7 cell proliferation. Additionally, by boosting intracellular lysozyme, cellular acid phosphatase, and cellular superoxide dismutase enzyme concentrations, as well as by promoting the generation of cellular NO, it is the potential to regulate the immunological activity of RAW264.7 cells. Additionally, the effects of PC‐EPS on RAW264.7 cells increased their capacities to create tumor necrosis factor‐α and interleukin 6 cytokines, all of which suggested that PC‐EPS had the potential to improve immunomodulatory activity.