Cicada flower is a valuable edible and medicinal mushroom. Polysaccharides are the most important active ingredients of cicada flower. This paper reviewed the extraction, separation and purification technologies of cicada flower polysaccharides in recent years. Also, it analyzed the biological activities of cicada flower polysaccharides, such as antioxidant, anti-tumor, immune regulation, bacteriostasis, hypolipidemic, hypoglycemic, anti-virus and ease pain. Moreover, the development and application of products were summarized and the existing problems and future research directions were also discussed.