A new alkali-soluble polysaccharide has been isolated from Iceland moss, Cetraria islandica (L.) Ach., by ethanol fractionation, ion-exchange chromatography, and gel filtration. The mean M(r) was estimated to be 18,000. Sugar and methylation analysis, partial hydrolysis, and 13C-NMR spectroscopy showed the polysaccharide to be a branched galactomannan with a backbone composed of two structural elements; (1-->6)-linked alpha-D-mannopyranosyl and alpha-D-(1-->6)-galactopyranosyl units. The polysaccharide showed pronounced immunostimulating activity in an in vitro phagocytosis assay and in the in in vivo carbon clearance assay.