Inonotus obliquus is generally used for the treatment of diseases such as cancers, angiocardiopathy and diabetes. However, few studies are available on its functional components. The objective of this study was to isolate and purify hypoglycemic functional polysaccharides from I. obliquus (HPIO) and study their hypoglycemic activities. I. obliquus powder was used to obtain crude polysaccharides at room temperature (HPIO-R) and at high temperature (HPIO-H) using diethylaminoethyl cellulose (DEAE) cellulose -52 column chromatography for purification. Streptozotocin (STZ)-induced hyperglycemic mice were used to evaluate the in vivo antihyperglycemic and antilipidperoxidative effects of HPIOs at each eluted level. The results show that HPIO was a uniform compound and HPIO (0.2 mol/L NaCl) had antihyperglycemic effects and regulated lipid metabolism.Keywords: Hypoglycemic activity, polysaccharides, Inonotus obliquus, isolation, purification