Abstract: Objective:To study the optimum processes of the direct heat reflux extraction process of polysaccharide from Polygonatum odoratum and heat reflux-microbial fermentation of Polygonatum odoratum polysaccharide,then comparatives the antioxidant activity of Polygonatum odoratum polysaccharide obtained from the two methods. Methods:Single-factor experiment and orthogonal experiment were used to investigate the optimum process of two kinds of heat reflux and microbial fermentation preparation of Polygonatum polysaccharide,and the DPPH scavenging index was used as antioxidant activities of Polygonatum polysaccharide before and after fermentation. Results:Liquid material ratio 1:60 g/mL,extraction temperature 80℃,extraction time 2.5 h was the optimum extraction technology for the heat reflux extraction process,and the content of polysaccharides in this way was 834.94 mg/g;inoculum concentration 8%,rock bed rotate speed 180 r/min,fermentation time 28 h,culture temperature 28℃ was the optimum extraction technology for explore the process of microbial fermentation preparation,and the content of polysaccharides in this way was 510.78 mg/g. The antioxidation activity of the polysaccharide was improved obviously after fermentation. Conclusion:Antioxidant activity of the fermentation liquid of Polygonatum polysaccharide is much better than the polysaccharide obtained by heat reflux extraction process,and it provided theoretical support for further research on anti-aging and whitening cosmetics.