The invention discloses a new technology of extracting, separating and purifying 0.1-1 million Da alkali solubility lentinan and a method of molecular weight determination, by taking a mushroom fruit body as raw material, a crude product is obtained by grinding, potash leaching, filtering, concentrating, washing, grading and drying under low temperature, and then the crude product is dissolved and centrifuged, purified by a DEAE cellulose column and absorbed and discolored by ion exchange resin, and filtered to pass through membrane packets of different molecular weights for ultrafiltrating and concentrating. The molecular weight is measured by adopting a GPC laser light scattering gel chromatograph, and the obtained material is respectively put into dialysis bags for dialysis according to the measured molecular weight range, after freeze drying, the alkali solubility lentinan of various components with a molecular weight of 0.1-1 million Da and the content of more than 98 percent is obtained. The method has the advantages of advanced technology, stable quality, high purity, clear goal and easy industrialized production.