Corn silk, the dried style and stigma of corn, is a traditional Chinese herbal medicine and functional food ingredient. Polysaccharides, one of the main bioactive components of corn silk, exhibit hypoglycemic, hypolipidemic, antibacterial, and anti-inflammatory effects. This article reviews the extraction methods and biological activities of corn silk polysaccharides, summarizing the process parameters, advantages, and disadvantages of different extraction methods, as well as the biological activities and mechanisms of action of corn silk polysaccharides, which are current research hotspots.