An optimized enzymatic extraction using protamex™ was established for polysaccharides from Liparis tesellatus eggs (PLE). Total sugars, sulfated glycosaminoglycans, uronic acids, and hexosamines content of PLE were 43.2%, 9.0%, 23.9%, and 1.73%, respectively. Superoxide radical (SOx*) scavenging activity and 2,2-diphenyl-1-picrylhydrazyl (DPPH*) scavenging activity of PLE was tested to proof its antioxidant properties. Results on SOx* scavenging activity revealed that PLE has antioxidant activity although it's not surpass the activity of Ascorbic acid as standard. DPPH* scavenging activity showed that PLE has activity increasing at a concentration-dependent manner. However, at 1.25 mg/ml, the anti-DPPH activities of PLE lowered, possibly due to the pro-oxidant action of the sample. PLE also has effects on NO production of RAW 264.7 cells, suggestive of their possible immunostimulating potential in the human body. On human keratinocyte (HaCaT cell line), HT29 and AGS cells lines, PLE was proofed has no toxicity and showed proliferative effects. This effect showed that PLE could have potency as wound healing promoter. An inference can be made that, PLE has indispensable antioxidant potencies as well as cell proliferating activities on specific cell lines which are deemed necessary in the field of medicine and their utilization as functional food supplements.