The invention discloses a method for extracting and purifying polysaccharide from a fermented mycelium of Cordyceps sinensis. The method comprises the following steps of: using the fermented mycelium of Cordyceps sinensis as a raw material to produce crude polysaccharide of the Cordyceps sinensis via degreasing, aqueous extraction, concentration and alcohol precipitation; then, redissolving the crude polysaccharide into distilled water, deproteinizing the crude polysaccharide by Sevag, decoloring the deproteinized crude polysaccharide by H2O2, dialyzing the decolored crude polysaccharide, and precipitating the dialyzed crude polysaccharide by alcohol to produce primarily purified polysaccharide; finally, purifying the primarily purified polysaccharide by ion-exchange chromatography, collecting different produced compositions stepwisely, dialyzing the compositions, precipitating the dialyzed compositions by alcohol, drying the precipitated compositions to produce the polysaccharide of the Cordyceps sinensis after the precipitated compositions are orderly washed by absolute ethyl alcohol, acetone, aether and so on. In the produced polysaccharide of the Cordyceps sinensis, MPS2 is identified to be homogeneous polysaccharide by ultraviolet absorption spectrum and gel chromatography, with high content of total sugar. The method has the advantages of simple and convenient extraction steps and low cost.