Abstract: Apocynum venetum is a traditional edible medicinal plant containing various functional ingredients. A. venetum polysaccharides display multiple bioactivities, rendering them applicable in the fields of food, cosmetics, and biomedicine. However, current research on this polysaccharide is limited, hindering their widespread application and development. Herein, we present a brief overview of the extraction, purification, structural characteristics, bioactivities, and potential applications of A. venetum polysaccharides. We also provide a perspective on their future applications and development. In terms of extraction and purification, the water extraction, acid/base extraction, ultrasonic assisted enzymolysis, microwave assisted eutectic solvent extraction methods, etc. are mainly introduced. For the purification of A. venetum polysaccharides, we mainly introduce the column chromatography, ultrafiltration membrane, and ultrafiltration/gel chromatography strategies. In addition, we also summarize the bioactivities and applications of A. venetum polysaccharides. Finally, the problems and challenges faced by A. venetum polysaccharides in large-scale applications, as well as future development trends are summarized. Future research should combine synthetic biology and precise structural modification technologies to meet demands for the development of functional polysaccharides and their large-scale production. Efforts should be made to develop highly active polysaccharides to provide theoretical support for their utilization in food and other fields.