Polysaccharides, also known as glycans, are biological macromolecules consisting of many monosaccharide units. Alongside proteins, nucleic acids, and lipids, they constitute the four fundamental substances crucial for life activities and essential for the growth and development of living organisms. As natural products with inherent biological activity, polysaccharides are widely available, nontoxic, and possess numerous functional properties, holding immense potential for advancement in food, medicine, and cosmetics. Furthermore, the exploration of polysaccharide‐based drugs, as an alternative to conventional therapies, emerges as a promising avenue for addressing future disease challenges. This article comprehensively reviews the sources, structural characteristics, synthesis, degradation, functions, and applications of polysaccharides. The potential of polysaccharides for pharmacological applications, in antitumor, antiaging, antioxidant, hypoglycemic, anti‐inflammatory, antiviral, and anticoagulant properties, is summarized. Additionally, the role of polysaccharides in environmental protection is discussed. It is anticipated that this review will offer innovative strategic insights, serving as a theoretical foundation and inspiration for the subsequent research on polysaccharides in healthcare.