An orthogonal test was utilized to optimize the ultrasonic-assisted extraction process of polysaccharides from Lilium davidii var waste bulb, and the stability of the polysaccharides was studied. The results showed that the optimum extraction conditions for ultrasonic-assisted extraction process were as followed: the ratio solid to liquid of 1:20 (g/mL), ultrasonic time of 60 min, ultrasonic power 250 W, and ultrasonic temperature 60 ℃. Under the conditions, the extracting rate of polysaccharides from Lilium davidii var was 18.44%. The anti-oxidization stability of polysaccharide extracts was poor, whicht was easy to be oxidized by H₂O₂, but has good anti-reduction ability.