Over the past few years, the identification and study of bioactive and health‐promoting new ingredients from natural sources have garnered significant interest. Corn has increasingly come into focus due to its substantial nutritional and medicinal benefits. Researches have shown that corn polysaccharide exhibits anti‐tumor, anti‐oxidative, hepatoprotective, renoprotective, hypoglycemic, immunomodulatory, and various other beneficial effects. Furthermore, variations in extraction materials and methods can result in differences in the structural and biological properties of corn polysaccharides. This article reviews the latest advancements in the extraction and purification techniques, structural characteristics, biological activities, structural modifications, and toxicological assessments of corn polysaccharides. The aim is to furnish evidence that supports the further development of corn polysaccharides as therapeutic agents and functional food ingredients.