In this study, the extraction of water-soluble polysaccharides (BDPs) from Berberis dasystachya Maxim using dynamic microwave-assisted extraction (DMAE) was discussed. A Box–Behnken design combined with response surface methodology has been employed to optimize extraction parameters of DMAE. The BDPs have been analyzed in order to identify a variety of chemical properties. Antioxidant and anti-tumor activities in vitro have been studied by DPPH, ABTS, reducing power assay, and MTT assay, respectively. The results obtained showed that the optimal extraction conditions were as follows: ratio of water to raw material (X1) 25.84mg/L, extraction power (X2) 433.13W, extraction time (X3) 35.18min, and the maximum yield of extraction was 6.472±0.384%, which was in good agreement with the predicted value. The physicochemical tests demonstrated that the BDPs mainly consist of rhamnose, arabinose, xylose, mannose, glucose and lactose in a molar ratio of 1:17.3:1.33:7:2.33:1.78; the average molecular weight of the BDPs was estimated to be from 2.95×105 and 1.52×103Da, respectively. Furthermore, the BDPs exhibited effective antioxidant and anti-proliferative properties in vitro. Such pharmaceutical activities could prove useful for potential future applications involving the berries of B. dasystachya Maxim.