Objective: To study the hypoglycemic activity of polysaccharides from Tremella aurantialba mycelium (TMP). Methods: The anti-hyperglycemic effect of TMP was investigated in normal mice and diabetic rats induced by alloxan in comparison with phenformin and acarbose. Results: TMP not only decreased serum glucose level in normal mice, but also in diabetic rats. After i.g.TMP to hyperglycemic rats for 1w, the glucose and TG in serum were decreased obviously , but serum TC did not change remarkably. After i.g. 100 mg/(kg ?d) TMP to hyperglycemic rats for 23 d, liver glycogen and BLA did not change significantly, but serum glucose was reduced obviously compared with the control . Conclusion: TMP has obvious hypoglycemic activity and can reduce hyperlipemic complications.