Abstract: Lycium barbarum is a traditional Chinese medicinal material with a long history of homology of medicine and food. Lycium barbarum polysaccharide is a natural plant polysaccharide isolated from Lycium barbarum fruit, which is one of the key bioactive substances in Lycium barbarum. According to the latest scientific research, Lycium barbarum polysaccharide has shown a wide range of biological effects, including anti-tumor, anti-oxidation, anti-inflammation, regulation of blood glucose, neuroprotection, reproductive protection, liver protection, and so on. It has good application potential and value in food, health care, medicine and other related fields. This article reviews the latest research achievements on Lycium barbarum polysaccharides both domestically and internationally in recent years. It systematically organizes the structural characteristics, extraction processes, biological activities, and application development research progress of Lycium barbarum polysaccharides, summarizing the advantages and limitations of existing technologies. The aim is to provide feasible reference for the standardization, normalization, and scientific development and application of Lycium barbarum polysaccharides, in order to form a complete and high-quality Lycium barbarum polysaccharides industry chain and contribute to human health.