Polysaccharides are another important class of bioactive macromolecules in organisms, in addition to proteins and nucleic acids. Numerous studies have confirmed that polysaccharides have various biological activities, including anti‐inflammatory, antiviral, antioxidant, immunomodulatory, anticancer, and other activities, which have attracted the attention of researchers in the biomedical field. In the past decade, increasing researches have found that sulfation modification can improve many physicochemical properties of polysaccharides, significantly enhance their original biological activities, and even generate new activity. Hence, sulfated polysaccharides have attracted more and more attention. A systematic review of the latest research progress and future development prospects of sulfated polysaccharides is very essential to better understand them. Hence, the study has systematically summarized current knowledge about synthesis, structural characteristics, biological activities, and potential molecular mechanisms of sulfated polysaccharides. This review provides some valuable insights and important guidance for the further study of sulfated polysaccharides.