The immunomodulatory effects of Malus halliana flower polysaccharide (MHFP) were investigated in this paper. The model of immunosuppressive mice was established by cyclophosphamide, which was treated with different dosages of MHFP (600, 400, and 200 mg/kg·d-1). The results showed that MHFP significantly increased the index of the spleen and thymus and improved the atrophy of immune organs. MHFP enhanced the ability of carbon clearance and phagocytosis of mononuclear phagocytes in mice. Meanwhile, MHFP promoted the proliferation of splenic lymphocytes. MHFP could enhance the content of serum hemolysin and improve the decrease of hemolysin induced by cyclophosphamide. The contents of ACP and LDH in the serum and spleen were determined, indicating that MHFP could enhance the activity of macrophages. MHFP promoted the content of cytokines (IL-2, IL-6, TNF-α, and IFN-γ) and mRNA expression. At the same time, the pathological changes of the spleen tissue also showed that MHFP could improve the immunosuppression induced by cyclophosphamide. In addition, MHFP increased the content of SOD, T-AOC, and CAT in the serum and spleen tissue, decreased the level of MDA, and improved the oxidative stress caused by cyclophosphamide. In conclusion, MHFP could effectively improve the immunosuppression and oxidative stress induced by cyclophosphamide and enhance the immune capacity of mice.