In order to shorten the production cycle and increase the yield of polysaccharides, the selected strain and the optimized fermentation medium were used for liquid fermentation of Auricularia heimuer. Under these conditions, the yields of crude extracellular (EPS) and intracellular (IPS) polysaccharide respectively were 10.49±0.27 g/L and 3.05±0.03 g/L. Furthermore, in order to realize the reasonable utilization of fermented polysaccharides, the enzyme-Sevag method was used to remove the protein from the EPS and IPS. And then the polysaccharides were separated and purified by DEAE-52 and Sephadex G-200 column chromatography. Subsequently, the functional group analysis of the purified polysaccharides was conducted by Fourier transform infrared spectroscopy (FT-IR), and the effects of the purified polysaccharides on antioxidant and moisturizing were evaluated in vitro. The results showed that the enzyme-Sevag method could nicely remove the protein from the fermented polysaccharides with the purity of the deproteinizing polysaccharides (DEPS and DIPS) more than 95%, after the column chromatography, two mono-component PEPS and PIPS were obtained, respectively. By the FT-IR functional group analysis, both PEPS and PIPS were presumed to be β-configuration pyranose. Finally, with the comparison of antioxidant activity and moisture retention, it was found that PEPS was superior to PIPS in reducing ability and scavenging ability of superoxide anion radical, while the PIPS possessed higher abilities in DPPH radical, hydroxyl radical scavenging and moisturizing than PEPS. In summary, these findings provide a basis for the rational use of different components of polysaccharides from the submerged fermentation of A. heimuer, and lay a theoretical foundation for their application in food and cosmetics.