Abstract: The ultrasonic-assisted extraction process of total triterpenoids from Inonotus sanghuang was employed in this paper. Based on the single factor experiments, the response surface methodology (RSM) was used to determine the optimal extraction condition, and its hypolipidemic and antioxidant activities were primarily evaluated. The results of optimum extraction conditions were as follow: Extraction time 49 min, ethanol concentration 80%, ultrasonic temperature 61 ℃, ratio of solid to liquid 1:22 (g/mL). Under these conditions, the yield of total triterpenoids was 12.32% ± 0.17%. The binding ability of 80 mg/mL triterpenoids to sodium glycylcholate, sodium taurocholate and sodium cholate in vitro was 50.93%, 52.14% and 43.06% of that of colenamine in the same dose, which indicated that the total triterpenoids of Inonotus sanghuang had the activity of lowering blood lipids in vitro. The iron ions reduction results showed that the total triterpenoids had certain reducing power. The IC₅₀ values of scavenging capacities of DPPH and ABTS free radical was 0.304 and 0.520 mg/mL, respectively, which showed it possessed good antioxidants in vitro.