To improve the extraction efficiency of polysaccharides from Sagittaria sagittifolia L. (SPU) by ultrasonic assisted extraction (UAE), the optimal extraction conditions were optimized as follows: extraction temperature of 85℃, extraction time of 15 min and ratio of liquid to raw material 43 mL/g, under these conditions, the yield of SPU increased by about 168 % compared with hot water extraction (HWE). After separation and purification by DEAE-52 cellulose column and Sephadex G-50 column, the pure polysaccharide fraction (SPU70-W1) was obtained, and its structure, rheology and immune activity were analyzed. The results indicated that SPU70-W1 (7.70 kDa) contained mannose, glucose and galactose in the molar ratio of 2.06:93.58:4.36 with typical pseudoplasticity fluids behavior and possessed the backbone of →2,6)-α-D-Glcp-(1→, →3,6)-α-D-Glcp-(1→, α-D-Glcp-(1→ and 6)-α-D-Glcp-(1→. In addition, SPU70-W1 exhibited remarkable immunomodulatory activity. Thus, SPU70-W1 could contribute to the food, medicine, cosmetics as a functional additive.