Abstract: Edible Agaricus fungi (A. bisporus and A. blazei) are increasingly recognized as valuable functional food due to their rich bioactive components, particularly polysaccharides. Polysaccharides are recognized as key bioactive constituents. Agaricus polysaccharides have been shown to exert a range of pharmacological effects, including immunomodulatory, anti-colitis, antioxidant, anti-aging, anti-dermal damage, antitumor, and hypolipidemic effects. However, their structure-activity relationships and underlying molecular mechanisms remain only partially understood. This review summarizes the extraction methods, isolation, purification and structural characterization over the past five years, further expounds the pharmacological effects and mechanisms, and summarizes the research shortcomings. It provides a theoretical basis for their application as functional food additives and highlights key scientific challenges, offering strategic insights for future research.