Abstract: Flammulina velutipes polysaccharide (FVP), one of the major active components of F. velutipes, exhibit prominent immunomodulatory, anti-inflammatory, antioxidant, and antitumor activities. In this review, the extraction and purification processes of FVP as well as their fine structural characteristics are systematically summarized, and their molecular immunomodulatory mechanisms are analyzed with emphasis on five dimensions: immune organs, immune cells, pattern recognition receptors, signaling pathways, and intestinal microecology. Meanwhile, this review presents an in-depth discussion on the structure-activity relationship of FVP and an outlook on their application potentials in the fields of food, medicine, daily chemical products, and agriculture, aiming to provide scientific references for the valorization of FVP.

Key words: Flammulina velutipes; polysaccharide; immunomodulatory; extraction; purification