The invention belongs to the field of medicines and health-care products, and particularly discloses composite polysaccharide, a preparation method thereof and application thereof to products for clearing damp, tonifying spleen, reducing fat and losing weight. The composite polysaccharide is prepared from mangnolia officinalis, rhizoma atractylodis macrocephalae, dried orange peel, cortex lycii radicis and black mulberry. The preparation method of the composite polysaccharide comprises water extraction and alcohol precipitation. The composite polysaccharide provided by the invention can obviously reduce body mass increasing rate of a nutritional obesity rat model and retard increment of body weight and Lee's index, can reduce fat mass, fat body ratio and fat cell number, reduce accumulation of internal fat, reduce triglyceride and total cholesterol, adjust high-density lipoprotein and high-density lipoprotein, improve hyperlipidemia, reduce fasting blood glucose, improve oral glucose tolerance and improve the appearance condition and the mental outlook of the nutritional obesity rat, has the effect which is obviously excellent than that of each single polysaccharide component, andcan be used for preparing the medicines or health-care food with effects of clearing damp, tonifying spleen, reducing fat and losing weight.