A water-soluble polysaccharide(PAP2) was obtained by purifying from the fruiting bodies crude polysaccharides of Pholiota adiposa through DEAE Sepharose Fast Flow ion-exchange column chromatography and SuperdexTM 200 column chromatography,respectively.HPGPC showed that PAP2 was homogeneous polysaccharide with an average molecular weight of 2.1×106 Da.Monosaccharide analysis by HPLC indicated that it was predominantly composed of glucose(Glc).Combination of IR,1H NMR and 13C NMR analysis showed that PAP2 owned characteristic infrared absorption peaks of polysaccharide and was a branched polysaccharide with a backbone of α-1,4-linked glucose and attached at position 6 of the branching residues.