The purpose of this study is to investigate the effects of different extraction methods (hot water-assisted extraction (HWE), microwave-assisted extraction (MAE), ultrasonic-assisted extraction (UAE), and ultrasonic-microwave- assisted extraction (UAME)) on the yield, chemical structures and antioxidant activity of Dictyophora indusiata polysaccharides (DPs). The research results showed that UMAE treatment had greater degree of damage to the cell wall of DPs and better comprehensive antioxidant capacity. Different extraction methods had no obvious effect on the types of glycosidic bonds and sugar rings, similar chemical composition and monosaccharide composition, with different absolute molecular weight (Mw) and molecular conformation. In particular, DPs for UMAE method had the highest polysaccharides yield, which was related to the conformational stretching and degradation avoidance of DPs in the higher molecular weight components under the simultaneous action of microwave and ultrasonic. These findings suggest that the UMAE technology has good potential for modification and application of DPs in the functional food industry.