The invention discloses an extraction method of a coriolus versicolor polysaccharide composition with high sugar content, comprising the following steps: mixing and crushing coriolus versicolor and dry ice, treating successively with a sodium chloride aqueous solution and a pretreatment fluid, filtering and taking filter residue, adding ethanol water into the filter residue and carrying out refluxextraction, filtering, taking filter residue, adding distilled water into the filter residue and carrying out reflux extraction, filtering and taking a filtrate, concentrating the filtrate, adding ethanol, centrifuging and taking a precipitate, washing the precipitate successively with ethanol and acetone, dissolving the washed precipitate with distilled water, sieving with a hollow fiber membrane, collecting a concentrate, centrifuging, filtering and taking a filtrate, and spray-drying the filtrate so as to obtain the coriolus versicolor polysaccharide composition. The content of coriolus versicolor polysaccharide in the coriolus versicolor polysaccharide composition is increased. The invention also discloses application of the coriolus versicolor polysaccharide composition in the preparation of a medicine for treating oral ulcer. The invention has the beneficial effect of providing experimental data base for preparing a medicine for treating oral ulcer from the coriolus versicolor polysaccharide composition.