The antitumor and immunoregulatory activities of polysaccharide LC-1 from Lactarius camphoratum (Bull.) Fr. were studied by using the human cervical cancer Hela cells and the mouse macrophage RAW264.7 cells. The two kinds of cells were cultured in vitro, and the effects of different concentrations of LC-1 on the proliferation and cell cycle of Hela cells and the proliferation and phagocytosis of RAW264.7 cells were investigated. Moreover, the secretion of NO, IL-6 and TNF- alpha of RAW264.7 cells were tested using CCK-8 method, flow cytometry and ELISA technique, respectively. The results showed that polysaccharide LC-1 from L. camphoratum (Bull.) Fr. has obvious inhibitory effect on Hela cells in vitro, and could influence the apoptosis cell cycle of Hela cells. When the concentration of LC-1 was 10 μg/mL, the content of Sub peaks was 19.4%. It was further found that polysaccharide LC-1 could regulate the immune activity of macrophage. When the concentration of LC-1 was 10 μg/mL, the phagocytic activity and proliferation rate of macrophage were 67.48% and 87.09%, respectively. LC-1 could also promote the transformation of macrophages from G0/G1 phase to G2 phase and S phase and stimulate macrophages to produce IL-6 and TNF-α, showing a dose-dependent. However, no obvious effect on the production of NO was observed. In conclusion, in vitro, polysaccharide LC-1 from L. camphoratum (Bull.) Fr. could inhibit the growth of cervical carcinoma Hela cells and promote the proliferation and phagocytosis of macrophage, as well as stimulate macrophages to produce immune factors.