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Cordyceps militaris is a unique and precious medical fungus in Chinese Cordyceps, which has been widely used as the traditional medicines or as biocontrol agents against pests in China for centuries. Polysaccharides are one of bioactive constituents in Cordyceps militaris with a variety of biological activities, including immunomodulation, antioxidant, anti-tumor, and anti-aging activities, among others. However, natural Cordyceps militaris are very rare and expensive, most of literatures indicated that the polysaccharides were mostly extracted from artificially cultivated fungal fruiting bodies (intracellular polysaccharides) or mycelia fermentation broths (extracellular polysaccharides). Moreover, separation and purification of polysaccharides was a very complicated and cumbersome process. Nevertheless, a large number of polysaccharides were purified and its characterization was elucidated by structure and biological activities. However, the relationship between structure and activity of polysaccharides has not been well established. Therefore, this review detailed the recent advance in several aspects (i.e., extraction, isolation, structure, and bioactivities) of the polysaccharides from fruiting body of Cordyceps militaris. This information could provide theoretical basis for the research on related polysaccharides, and also have important reference value in the field of functional foods and medicine in the future. • C. militaris is one of the best known traditional Chinese medicine and health foods. • Polysaccharide is one of the most important components in C. militaris. • C. militaris polysaccharides exhibited multiple structural features and various bioactivities. • This review focused on the isolation, structural features and bioactivities of C. militaris polysaccharides. [ABSTRACT FROM AUTHOR]