The invention relates to a method for preparing hyriopsis cumingii polysaccharide, which comprises following steps: crushing hyriopsis cumingii, extracting with hot water, filtering with 60-100 orders, condensing filter liquor, then, adding ethanol to deposit, re-dissolving deposition with hot water, adjusting the pH value to be 7-10, adding remixed proteinase 0.3%-0.6% according to a protein weight gage in re-dissolved materials, carrying out enzymatic hydrolysis for 4-8 hours under the temperature of 30-60DEG C, wherein components of the remixed remixed proteinase comprise: alkaline protease (Alcalase) and compound protease (Protamex) which are mixed equivalently, killing enzyme for the materials after the enzymatic hydrolysis under the temperature of 80-90DEG C, using the ethanol to deposit for the second time, drying the deposition in the vacuum, crushing over 60 orders, and obtaining products of the hyriopsis cumingii polysaccharide. Experiments show that the hyriopsis cumingii polysaccharide which is prepared by the method of the invention has the ability to induce the mouse spleen lymphocytes to proliferate, the hyriopsis cumingii polysaccharide can increase the volume value of mice serum hemolysin and can increase the phagocytic rate and the phagocytic index of chicken-red cells phagocytosis in mouse peritoneal, and the hyriopsis cumingii polysaccharide has a pluralityof biological activity and has the application prospect as medicinal resources and healthy food.