Different extraction methods, including ultrasound extraction (UP), ultrasonic wave complex cellulose (UCP), ultrasonic wave complex pancreatin (UPP) and traditional hot water extraction (TP), were used to prepare Ganoderma Lucidum polysaccharide and the characteristics of the extracted polysaccharides were compared. Results showed that the extraction yield of polysaccharides by UPP reached 4.93%, 1.58 times higher than that by TP. The molecular weight of polysaccharides by UP was smaller than that by TP. The lowest molecular weight (<5 kDa) was found when UPP was employed. Moreover, the polysaccharides by UPP exhibited the highest reducing power (1.408 at 1.0 mg/mL), hydroxyl radical scavenging ability (50.08% at 2.0 mg/mL), ABTS+scavenging ability (82.5% at 1.0 mg/mL) and the oxygen radical absorbance capacity (2484.14 μmol Trolox/g).