Tremella fuciformis polysaccharides (TFPS) belong to natural bioactive macromolecule with both edible and medicinal value, possessing much bioactivities such as anti-tumor, antioxidant, antidiabetics, and immunomodulatory. Currently, the production of TFPS through submerged fermentation (TFPS-1) is gradually replacing the polysaccharides extracted from the fruiting body due to improved fermentation efficiency and reduced separation costs. However, it is still unclear about the effect of TFPS-1 on gastrointestinal digestion and gut microbial fermentation, which is directly related to the function of its biological activity. This study aimed to illustrate the effect of TFPS-1 on digestive process through in vitro digestion and fecal fermentation. TFPS-1 was indigestible during the simulated gastrointestinal tract. But TFPS-1 can be digested by intestinal flora leading to alterations in the total polysaccharides content, molecular weight, and apparent viscosity. Moreover, TFPS-1 regulated the composition of gut microbial, lowering the proportion of Firmicutes to Bacteroidetes and enhancing the abundances of Parabacteroides and Bacteroides. The change of intestinal flora produced more short chain fatty acids and lowered the pH. The KEGG metabolic pathway analysis indicated that TFPS-1 enriched lipid metabolism, glycan biosynthesis and metabolism, and biosynthesis of other secondary metabolites. This study demonstrated that T. fuciformis fermented polysaccharide can be a potential prebiotic to optimize intestinal flora homeostasis and maintain host intestinal health.