Objective This study investigates the effects of various extraction methods on the chemical composition and functional characteristics of polysaccharides derived from Polygonatum kingianum, specifically the white flower and purple-red flower varieties.Methods P. kingianum polysaccharides (PKPs) are extracted with traditional hot water, alkaline, acidic, enzymatic, ultrasonic, and hot water-alkaline extraction methods, and a comparative evaluation is made on their extraction yield, chemical composition (including total sugar, sulfate, and uronic acid content), and biological properties (including DPPH radical scavenging activity, α-glucosidase inhibitory activity, and tyrosinase inhibitory activity).Results The extraction yield of PKPs and their chemical composition are significantly influenced by extraction methods and varieties. PKPs extracted with the hot water method from the white flower and purple-red flower varieties exhibit relatively higher extraction yields (23.27% and 9.58%, respectively), along with elevated total sugar content (54.53% and 68.59%, respectively), sulfate content (7.28% and 35.41%, respectively), and uronic acid content (8.26% and 10.84%, respectively). Additionally, the DPPH radical scavenging activity, α-glucosidase inhibitory activity, and tyrosinase inhibitory activity of PKPs are also influenced by extraction methods and varieties. A comprehensive quantitative evaluation reveals that PKPs derived from the purple-red flower variety exhibit stronger performance in the three aspects. Both enzymatic and traditional hot water extraction methods are effective for producing high-quality PKPs.Conclusion Enzymatic and traditional hot water extraction methods are the most effective techniques for extracting PKPs.