The antioxidant and antimicrobial activities of Euryale ferox polysaccharides were assessed in this paper. The polysaccharides were extracted with microwave assisted enzyme method. Using the same concentration of Vc as the control,the antioxidant activities of polysaccharides were investigated by total reducing power and scavenging superoxide anion,hydroxyl radical and DPPH free radical. The inhibitions were also measured through testing lipid oxidation and the growth of microorganism. The results showed that the polysaccharide from Euryale ferox had strong reducing ability to free radical. The polysaccharides had certain scavenging ability on superoxide anion,hydroxyl radical and DPPH free radical with IC50 of 4. 8,6. 7 and 6. 1 mg / m L,but less than Vc's ability to remove them. The Euryale ferox polysaccharides had certain ability of restraint on lard and sesame oil oxidation that was similar to Vc especially in initial lipid oxidation. The polysaccharides had the inhibiting effect on S. aureus,S. cerevisiae,B. subtilis and E. coli. The maximum of antibacterial circle were 16. 00 mm,13. 63,12. 50 and 11. 25 mm respectively when the polysaccharide concentration was 10 mg / m L. The MIC of E. coli and B. subtilis was 4 mg / m L while MIC of S.aureus and S. cerevisiae was 2 mg / m L.