In recent years mushroom polysaccharides have been extensively investigated according to their unique biological activity. Among them polysaccharides from Hericium erinaceum (Hydnaceae) are well known as anti-tumor and cholesterol reducing agents as well as growth and differentiation of adrenal nerve cells stimulators. In Poland, H. erinaceum is restricted only to several areas and is considered endangered species. Thus mycelium and culture broth obtained from submerged in vitro culture could be an excellent source of polysaccharides. The review describes methods of isolation, purification and analysis of mushroom polysaccharides and summarizes data about biological activities of Hericium erinaceum polysaccharides.