Hyperlipidemia, a very common disease throughout the world, usually gives rise to severe liver damages. The current experiment was to investigate the antihyperlipidemic and hepatoprotective properties of alkali- and enzyme-extractable Dictyophora indusiata polysaccharides (Al-DPS and En-DPS) on the hyperlipidemic mice. The results of animal experiment in vivo showed that treatment with Al-DPS or En-DPS could improve the excessive level of lipid profiles in serum and liver, as well as strengthen antioxidant status. In addition, the histopathological observations of liver testified that polysaccharides were capable of attenuating hepatic cell injury. The primary structural features of Al-DPS and En-DPS were demonstrated by HPGPC, HPLC, FT-IR and NMR. Glucose tolerance test manifested that polysaccharides were able to restrain the rise of blood sugar. The results indicated that Al-DPS and En-DPS may be considered as novel compounds to treat hyperlipidemia and also act as hepatoprotective agents.