Crude polysaccharide( LBP) was obtained by extraction and ethanol precipitation from fruit bodies of Lycium barbarum. The best precipitated condition was adding 80 m L ethanol to 50 m L concentrated solution for 12 h.The process of removing protein was Sevag method repeating 6 times with the removal rate of 83. 45%. Two groups LBP1 and LBP2 were separated by DEAE-52 Cellulose column and Sephedex G-50 column chromatography using different solvent. After UV spectra imageand Sephedex G-100 column chromatography determination,LBP1 and LBP2 were regarded as homogeneous components. The average molecular weights of LBP1 and LBP2 determined by HPLC were estimated to be 367 k Da and 358 k Da,respectively. The results from Phenol-sulfuric acid and Carbazole-sulfuric acid determination showed that the neutral sugar of LBP1 and LBP2 were 82. 20% and 74. 50%,the uronic acid of LBP1 and LBP2 were 7. 50% and 14. 30%,respectively. The results of GC showed that monosaccharide compositions of LBP1 contained D-galactose,D-mannose and D-glucose with molar ratio of 1. 79∶ 1. 00∶ 3. 08,and LBP2 contained D-galactose,D-mannose and D-glucose with molar ratio of 1. 32 ∶ 1. 00 ∶ 7. 38. β-elimination reaction suggested that there are O-glueosidie linkage between sugars and amino acids in LBP1 and LBP2. The FT-IR detection showed that glycosidic bond was pyranosetype in both LBP1 and LBP2. Congo red test show that LBP1 and LBP2 do not exist the triple helix structure. Particle experiments show that solution p H could change particle distribution of LBP1 and LBP.