Polysaccharides are the main active ingredients of edible fungi, which have been widely utilized in the food industry. As a member of the truffle family, Tuber are rich in polysaccharides. Previous studies mainly focused on solvent, ultrasound-assisted, microwave-assisted, enzyme-assisted and pressurized liquid extractions regarding the extraction methods of Tuber polysaccharides. The molecular weight, monosaccharide composition and content, configuration, and ligation mechanism of sugar residues, along with the polysaccharide types of Tuber polysaccharides, have all been studied in relation to the characterization of chemical structures. Additionally, the antioxidant, antitumor, hypoglycemia, anti-fatigue, and immunomodulatory activities have been evaluated as well. In food processing, polysaccharides have been currently applied in the production of pastries and lozenges. Therefore, the purpose of this research is to discuss the most current developments in extraction techniques, including chemical structures, functional properties, and applications of Tuber polysaccharides. This provides a theoretical foundation for future growth in their food applications.