Abstract: Codonopsis pilosula is one of the widely used medicinal materials for both food and medicine in China. Modern pharmacological studies have found that Codonopsis pilosula polysaccharide is one of the important active components of Codonopsis pilosula. There are a variety of biological activities in disease prevention, health care and treatment. It has been certainly applicated in the human health food and animal feed additives. In order to provide reference for further research and development of Codonopsis pilosula polysaccharides from the past five years, this paper reviews the biological activity of immune activity, antioxidant and anti-aging, anti-inflammatory and anti-ulcer, hypoglycemic, improving intestinal flora, anti-viral, anti-tumor, neuroprotective, physical fatigue relief of Codonopsis pilosula, development and application of Codonopsis pilosula polysaccharide in the field of human health food and annimal feed additives.