The invention provides an extraction method for phellinus vaninii polysaccharide. The method comprises the following steps: crushing a phellinus vaninii fruiting body to 1-5 mesh, performing soaking in physiological saline for 8-24 h, performing centrifugation, and collecting residues; boiling the residues of the phellinus vaninii fruiting body in boiling water at 110-130 DEG C for 20-40 min, performing centrifugation, and collecting residues; adding water into the residues, performing freezing for 24-36 h, and performing unfreezing; adding water into the unfrozen mixture to obtain a mixed liquid, adding a complex enzyme into the mixed liquid, performing enzymatic hydrolysis at 50-60 DEG C for 2-4 h, and performing centrifugal separation to obtain a supernatant liquid; and finally, performing adsorption on the supernatant liquid by using resin, performing dialysis, performing concentration, and performing freeze drying to obtain the phellinus vaninii polysaccharide. According to the extraction method for the phellinus vaninii polysaccharide provided by the invention, the extracted phellinus vaninii polysaccharide has obvious activity of inhibiting tumor cell proliferation, has goodbiocompatibility compared with a polysaccharide extracted and purified by a chemical method, and does not bring an inflammatory reaction; and the phellinus vaninii polysaccharide provided by the invention can be used in anti-tumor drugs or health-care products.