The invention discloses panax japonicus polysaccharide.The main chain structure thereof is Beta-D-1 to 3-mannan and / or Alpha-D-3 to 4-mannan and heterosaccharide containing galactan, xylan and glucan, the weight-average molecular weight of the panax japonicus polysaccharide is 5,000 to 2,000,000, the intrinsic viscosity at 25 DEG C is 1 to 100ml / g, and the mole ratio of the three elements of C: H: O is 1: 2: 1. The preparation of the panax japonicus polysaccharide comprises the following steps: after being dried, smashed and skimmed, the panax japonicus is soaked by water under the normal temperature and is stirred for separation, the residue is extracted by high-pressure hot water, further extracted by alkali and reductive salt, and finally extracted by acid, and the panax japonicus polysaccharide which can be dissolved in water and DMSO and not be dissolved in methanol, ethanol and acetone is obtained by separation, neutralization by taking the solution, dehydration, protein removal, decolorization, desalination and drying. The panax japonicus polysaccharide which is prepared by the invention has higher anti-tumor activity and promotion of immune activity, which can be used for preparing drugs or health care products for improving immune function and anti-tumor. The method for preparing the product is simple and easy to operation, and the sources of the needed raw materials are wide.