The invention discloses an extraction method of polysaccharide with activities of kidney warming and Yang tonifying from Aspongopus chinensis Dallas insects of Pentatomidae and application of the polysaccharide. The extraction method comprises the following steps: (1) drying Aspongopus chinensis Dallas insect bodies, performing pulverization, performing reflux extraction with petroleum ether, andconducting filtration liquid-solid separation so as to obtain drug residues with removal of grease; (2) evaporating the drug residues, performing reflux extraction with distilled water, performing filtration, combining the filtrate, and performing concentration so as to obtain total water extract; (3) adding distilled water to the total water extract for slight dilution, performing precipitation on polysaccharide with an alcohol solution, performing stirring while the alcohol solution is added, and performing still standing and filtration so as to obtain an insect polysaccharide alcohol precipitate; and (4) adding water to the insect polysaccharide alcohol precipitate for dilution and dissolution, performing chromatography separation and purification by using a DEAE-Sephadex ged cellulosecolumn, and performing rinsing with distilled water and a sodium chloride solution so as to obtain the Aspongopus chinensis Dallas polysaccharide. The invention also relates to the application of thepolysaccharide in preparation of drugs for treating or preventing Yang deficiency, impotence and erectile dysfunctions, the method is easy has simple and convenient operation, and the obtained polysaccharide compound with a purity of up to 95% has strong effects of kidney warming, Yang tonifying, fatigue resistance and body immunity recovery.