Abstract: Objective:To study the optimal extraction technology and polysaccharide content in three parts of Dictyophora rubrovolvata and its activity of invitro antioxidation. Methods:The experiment was designed to study the technical condition of polysaccharide extraction from Dictyophora rubrovalvata by L9 (34) orthogonal experiment on the basis of single factor test. Meanwhile, polysaccharide content in the three parts of Dictyophora rubrovolvata was determined under the conditions. Antioxidation in vitro of polysaccharides from three parts of Dictyophora rubrovolvata was evaluated by the potassium ferricyanide reduction method and the method of pyrogallol autoxidation and phenanthroline-Fe2+reaction system. Results:The optimum technological conditions were as followings:temperature 90℃, solid-to-liquid ratio 1∶20 (g/mL) , time 120 min and ethanol concentration of 70% . Under this conditions, the yield of crude polysaccharides of Dictyophora rubrovolvata pileus, stipe, volva were 8.25% , 8.97% , 10.89%. Antioxidant test results showed that extracting polysaccharide from the three parts of Dictyophora rubrovolvata had antioxidant activity, the antioxidant capacity of both polysaccharides was in a dose-dependent manner. Conclusion : Dictyophora rubrovalvata polysaccharide extraction process was stable and feasible. Polysaccharide from volva of Dictyophora rubrovalvata had the strongest antioxidation activity in vitro and with the highest content.