The crude polysaccharides CAPS and CAP of Cynanchum Auriculatum, which were prepared by degrading starch by single-enzymatic method (α-amylase) and double-enzymatic method (α-amylase and glucoamylase) respectively, were compared. CAP had good water solubility and higher non-starch polysaccharide content. A homogeneous neutral polysaccharide CAP-W, with the degree of acetylation about 17 %, was obtained from CAP by anion exchange column chromatography. Its detailed structure was identified by various methods. CAP-W, with the weight average molecular weight of 8.4 kDa, was composed of mannose, glucose, galactose, xylose, and arabinose in a molar ratio of 1.27:1.00:0.25:0.10:1.16. The backbone included β-1,4-Manp, β-1,4,6-Manp, β-1,4-Glcp and β-1,4,6-Glcp residues, with branches at the O-6 position of β-1,4,6-Manp and β-1,4,6-Glcp residues, consisting of α-T-Araf, α-1,5-Araf, α-1,2,5-Araf, α-1,3,5-Araf, T-Xylp,1,4-Xylp, β-T-Manp and β-T-Galp residues. In vitro immunological experiments suggested that CAP-W improved the phagocytic ability of macrophages, stimulated the release of NO, TNF-α and IL-6 from RAW264.7 cells, promoted the expression of NF-κB and caused nuclear translocation of NF-κB p65.