In this paper, the extraction process of pressure shear assisted Auricularia auricula polysaccharide (PS-AAP) was optimized through the comprehensive scoring method and orthogonal test. The highest comprehensive score (90.70) was obtained under a 1:70 (m/V) solid-liquid ratio, 110 °C reaction temperature, 60 min reaction time and 1.0 MPa reaction pressure. Compared to AAP prepared by water bath (WB-AAP), PS-AAP led to a higher extraction efficiency and decreased the relative molecular weight. In addition, Fourier-transform infrared spectroscopy (FT-IR) analysis showed that pressure shear assisted did not change the polysaccharide structure. Scanning electron microscope showed that PS-AAP was smaller and more broken by pressure shear assisted. Furthermore, the ratio of glucose to mannose in PS-AAP was relatively higher than in WB-AAP, which also proved that PS-AAP had certain antioxidant and hypoglycemic activities. Compared with WB-AAP, the inhibition of α-glucosidase and α-amylase activity of PS-AAP increased by 11.37% and 24.43%, respectively. These results revealed that PS-AAP has the poten-tial value of being a antioxidant and hypoglycemic agent.