The invention discloses a method for efficiently extracting Hericium erinaceus polysaccharide by adopting a fermentation process, which comprises the following steps: selecting a fresh Hericium erinaceus fruit body, removing inferior parts, washing with water and grinding. The ground Hericium erinaceus fruiting body is firstly treated with microwave and then treated with ultrasonic wave, and the temperature is lowered for standby; Preparation of Hericium erinaceus fruiting body mother liquor; Sterilizing the obtained mother liquor, inoculating the mixed strain, fermenting and culturing, and then inactivating. The mixed strain comprises lactic acid bacteria, yeast and Bacillus subtilis; a liquid-solid separation is carry out on that fermentation broth, the filter residue is elute with clearwater, the eluting water is collect, the precipitate is standing and separated, the eluting water supernatant is taken and combined with the filtrate 1 to obtain liquid 2, the liquid 2 is added withethanol, the supernatant is standing and stratified, the supernatant is discarded, centrifugal separation is carried out, and the obtained substance is dried. The polysaccharide content of the extractobtained by the method is up to about 35% and the water solubility is good, and the yield of the extract is more than 20%, the impurities in the extract are few, the environment is friendly, and theextract can be produced on a large scale.