In this study, the water-extracted ethanol precipitation method was used to extract Polysaccharides in Pyropolyporus Formentarius (PFPS), and the capacities of scavenging DPPH and ABTS were analyzed. Different concentrations of PFPS were used to detect the resistant abilities against Escherichia coli, Staphylococcus aureus, and Bacillus subtilis, and Micrococcus tetragenus, and the relative minimum inhibitory concentration (MIC) were also determined. The results showed that PFPS could eliminate DPPH and ABTS. When the concentration of PFPS was 1.0 mg/mL, the ability of scavenging DPPH and ABTS exceeded that of the BHT control, while was weaker than the VC reference substance. The antioxidant activity of PFPS with different concentrations was significantly different. PFPS had inhibitory effects on the four tested bacteria and there were significant differences, and the strongest inhibitory activity was resistant against E. coli. The minimum inhibitory concentrations of E. coli, S. aureus, B. subtilis, and M. tetragenus were 1.25, 1.25, 2.50, 5.00 mg/mL, respectively. In summary, PFPS had good antioxidant and antibacterial activities, with gradually increasing associated with the polysaccharide concentration.