This paper studied the physical, chemical properties and structure of phellinus igniarius polysaccharides (PIPS). PIPS is negative on iodine potassium iodide solution test, positive on a-naphthol reaction, and negative on Fehling reagent test. Viscosity of exopolysaccharide (EPS) and intracellular polysaccharides (IPS) at 25 °C was 0.85 dL/g and 1.20 dL/g respectively. Column chromatography analysis separated 8 constituents from IPS, while 2 constituents were separated from EPS. The monosaccharide compositions of some of these constituents were further investigated. Results from gel permeation chromatography showed that IPS had 9 constituents and EPS had 4 constituents. The molecular weights of the constituents were determined.