Several extraction methods of polysaccharide from Hericium erinaceus were compared. Polysaccharide was extracted from Hericium erinaceus by the following methods: hot water extraction,ultrasonic wave extraction,cellulose extraction,papain extraction,pectinase extraction,compound enzyme extraction and ultrasonic wave combined with compound enzyme extraction. The phenol-sulfuric acid method was applied to measure the content of polysaccharide. The optimized conditions and the extraction ratios were investigated and compared. The results indicated that under the optimized conditions,the extraction ratios of Hericium erinaceus polysaccharide were 6. 41% in ultrasonic process,5. 80% in hot water process,10. 20% in cellulose enzyme process,9. 77% in papain process,7. 94% in pectinase process,10. 89% in multi-enzymatic process and 15. 59% in ultrasonic combined with multi-enzymatic process. The polysaccharide yield was improved considerably with ultrasonic wave and compound enzyme method.