To extend the industrial chain of Auricularia auricula and increase its added value, this study used A. auricular as the raw material to optimize the A. auricula polysaccharide extraction process; evaluate the antioxidant, hypoglycemic, and lipid-lowering activities; and develop A. auricula polysaccharides jelly using orthogonal test, texture characteristics, physicochemical indexes and microbiological indexes as evaluation indicators. The result showed that when the extraction was performed with 1:70 (m/V) solid/liquid ratio at 80 ℃ for 3 h, the polysaccharide yield was 17.93%. The DPPH and ABTS free radical scavenging rates of 2 mg•mL-1 polysaccharide were 60.34% and 54.19%, respectively. Moreover, the inhibition rates of 10 mg•mL-1 polysaccharide against α-amylase, α-glucosidase, and pancreatic lipase reached 68.71%, 63.99%, and 75.49%, respectively. Additionally, 5 mg•mL-1 polysaccharide demonstrated 30.09% and 32.66% fat adsorption rates in simulated gastric and intestinal environments, respectively. A. auricula polysaccharides also exhibited bile acid binding capacity. The optimized formulation for the jelly developed through orthogonal testing included: 15% (m/V) xylan, 0.5% (m/V) A. auricula polysaccharides, 0.5% (m/V) composite gel, 0.2% (m/V) potassium chloride, and 0.8% (m/V) potassium citrate. The texture characteristics of A. auricula polysaccharide jelly were close to those of commercial jelly, the content of soluble solids was 18.7%, and the microbiological indexes conformed to national standards. This research provides theoretical support for applying active ingredients in jelly formulations.