The invention discloses an extraction method of auricularia polysaccharide. The method comprises the following steps: carrying out mechanical coarse grinding on dried fruiting body of auricularia auricular, mixing the ground fruiting body of auricularia auricular with deionized water and fully swelling, freeze-drying, carrying out mechanical rough segmentation, homogenizing by a high pressure homogenizer, fully oscillating and mixing the auricularia auricular ultrafine-ground paste and fresh saliva, adding deionized water, adjusting pH to 1.7-1.9, adding artificial gastric juice, stirring, carrying out water-bath insulation, maintaining pH of the system to 6.6-7.0, adding a pancreatin solution, stirring, carrying out water-bath insulation, warming up and carrying out enzyme deactivation, centrifuging a mixed liquor, taking a supernatant, adding a mixture of diatomite and active carbon, fully stirring and filtering, taking a filtrate, carrying out membrane filtration by the use of a polysulfone membrane, collecting a small molecular solution, and drying to obtain auricularia polysaccharide. By the ultralow-temperature homogenization technology and by synergism of saliva and artificial gastric juice, hypoglycemic activity of polysaccharide is ensured when polysaccharide is fully dissolved out, and polysaccharide obtained has high purity and less damage to activity.