In this study, different extraction techniques, including traditional hot water extraction (HWE), microwave-assisted extraction (MAE), pressurized assisted extraction (PAE), and ultrasonic-assisted extraction (UAE), were used to extract Dictyophora indusiata polysaccharides (DFPs), and their physicochemical and biological properties were compared. Results revealed that extraction yields of D. indusiata polysaccharides prepared by different extraction techniques ranged from 5.62% to 6.48%. D. indusiata polysaccharides prepared by different extraction techniques possessed similar chemical compositions and monosaccharide compositions, while exhibited different molecular weights (Mw), apparent viscosities, and molar ratios of constituent monosaccharides. In particularly, D. indusiata polysaccharides prepared by HWE (DFP-H) had the highest Mw and apparent viscosity among all DFPs, while D. indusiata polysaccharides extracted by UAE (DFP-U) possessed the lowest Mw and apparent viscosity. In addition, the in vitro antioxidant effects of D. indusiata polysaccharides prepared by PAE (DFP-P) and DFP-U were significantly higher than that of others. Indeed, both DFP-P and DFP-H exhibited much higher in vitro binding properties, including fat, cholesterol, and bile acid binding properties, and lipase inhibitory effects than that of D. indusiata polysaccharides prepared by MAE (DFP-M) and DFP-U. These findings suggest that the PAE technique has good potential for the preparation of D. indusiata polysaccharides with desirable bioactivities for the application in the functional food industry.