Abstract: Polysaccaride CVP- Ⅱ2from Catathelasma ventricosum fruiting bodies was extracted by water with ultrasonic- assisted and alcohol precipitating,and then was purified by decoloration,deproteinization with sevage method and DEAE-52 ion- exchange column choromatography and Sephadex G-100 column choromatography.It was identified as homogeneous component by means of gel permeation chromatography and Sephadex G- 100 gel column chromatography.The contents of total sugar,protein,uronic acid and starch were determined by phenol- sulphuric acid,Coomassie brilliant blue staining,Sulfuric acid- carbazole method,law of iodine- potassium iodide.Its structure was analyzed by the method of IR,GC. The result showed that the weight average relative molecular mass of CVP- Ⅱ2was 11252 u relatively. It was white and flocculent appearance with no starch. The contents of total sugar,protein,uronic acid was 86.76%,0,12.93%,respectively,CVP- Ⅱ2contained the characteristic absorption peak of polysaccharide and configuration was Pyran type,Monosaccharide composition of CVP- Ⅱ2was fucose,mannose,glucose and galactoside,and the mole ratios was: Man ∶ Fuc ∶ Glu ∶ Gla =1 ∶1.63 ∶29.36 ∶5.02.