The invention discloses a preparation method of ganoderma lucidum polysaccharide with high yield, which comprises the following steps: firstly, crushing ganoderma lucidum fruiting bodies into ganoderma lucidum powder, then sequentially extracting the ganoderma lucidum powder by adopting a microwave-assisted hot water extraction method and an ultrasonic-assisted hot water extraction method, and carrying out concentration, impurity removal, concentration, alcohol precipitation and drying on the obtained extracting solution to obtain water-soluble ganoderma lucidum polysaccharide; and extracting the ganoderma lucidum residues by adopting an alkali extraction method, and carrying out neutralization, dialysis, concentration, impurity removal, alcohol precipitation and drying on the obtained extracting solution to obtain alkali-soluble ganoderma lucidum polysaccharide. The method is used for extracting the ganoderma lucidum polysaccharide by combining microwave heating action and ultrasonic cavitation and extracting the alkali-soluble polysaccharide in the ganoderma lucidum by utilizing the alkali extraction method, thereby reducing the loss of the ganoderma lucidum polysaccharide; and the prepared ganoderma lucidum polysaccharide has the characteristics of high production yield, strong immunological activity and the like.