In this study, two polysaccharides were isolated from the flesh and peel of wampee, termed as PWP-F and PWP-P respectively, and their structural characteristics, in vitro antioxidant and hypoglycemic activities and digestion were investigated. Results indicated the molecular weight of PWP-F was higher than that of PWP-P and they were both mainly composed of galactose and arabinose. Both polysaccharides exhibited α-type and β-type glycosidic linkages based on FTIR analysis. NMR spectroscopy revealed that PWP-F mainly consisted of α-Araf-(1→, →3,5)-α-Araf-(1→, →2,5)-α-Araf-(1→, →4) → β-Galp-(1 → and α-GalpA-(1→, while PWP-P was composed of α-Araf-(1→, →3)-α-Araf-(1→, →5)-α-Araf-(1→, →3,6) → β-Galp-(1→ and α-GalpA-(1→. Scanning electron microscopy showed that PWP-P had more porous surface structure compared to PWP-F. Moreover, PWP-P exhibited superior antioxidant activity and significant inhibition of both α-glucosidase and α-amylase compared to PWP-F. Specifically, PWP-P demonstrated mixed inhibition against α-glucosidase and α-amylase. In vitro digestion results showed the molecular weight, polysaccharide and reducing sugar content of PWP-F and PWP-P decreased after simulative gastrointestinal digestion. Overall, PWP-P has great potential as a kind of new antioxidant and hypoglycemic agent.