Abstract: The contents of polysaccharides, triterpenes, ganoderic acid A, ganoderic acid C1 and ganoderic acid F in Kangding Ganoderma leucocontextum were analyzed by pharmacopoeia and HPLC. The antioxidant activities were evaluated by DPPH· and ABTS⁺· scavenging abilities and total antioxidant capacity, and hypoglycemic activities were evaluated by the inhibitory effect on α-amylase and α-glucosidase activities. The results showed that the contents of polysaccharides and triterpenes in Kangding Ganoderma leucocontextum were 1.15% and 1.50%, and the contents of ganoderic acid A, ganoderic acid C1 and ganoderic acid F were 0.052%, 0.020% and 0.064%, respectively. The antioxidant activities and hypoglycemic activities in vitro showed that IC₅₀ values of polysaccharide extract for DPPH· and ABTS⁺· scavenging were 0.75 mg/mL and 1.24 mg/mL, and IC₅₀ values of α-amylase and α-glucosidase activities were 1.45 mg/mL and 1.97 mg/mL, respectively. The IC₅₀ values of triterpenoids extract for DPPH· and ABTS⁺· radical scavenging were 0.65 mg/mL and 1.06 mg/mL, and the IC₅₀ values of α-amylase and α-glucosidase activities were 1.44 mg/mL and 1.09 mg/mL, respectively. The results of this study show that Kangding Ganoderma leucocontextum contain high content of functional components, and presented favourable antioxidant and hypoglycemic activities, which would provide the theoretical basis for the development and utilization of Kangding Ganoderma leucocontextum in food, medicine and health products.