Coriolus versicolor ( in Chinese) is a traditional Chinese medicine and it has been widely applied as a functional food. In the current study, a homogeneous polysaccharide, YZP-1a, was isolated from C. versicolor and its structure was investigated via FT-IR, GC-MS, NMR, SEM, and TEM studies. The backbone of YZP-1a comprised →6)-α-D-Glcp-(1 → 6)-α-D-Galp-(1 → 3)-β-D-Galp-(1 → 6)-β-D-Glcp-(1 → 4)-α-D-Galp-(1 → 4)-α-D-Galp-(1 → 4)-α-D-Glcp-(1→). Linked with the O-6 and O-4 positions of (→4,6)-α-D-Glcp-(1→) of the main chain are branches (→1)-β-D-Galp-(3 → 1)-α-D-Glcp and (→1)-α-D-Galp-(4 → 1)-α-D-Galp-(4 → 1)-α-D-Galp-(4 → 1)-β-D-Glcp-(6 → 1)-β-D-Galp-(3 → 1)-α-D-Galp-(3 → 1)-β-D-Glcp-(6 → 1)-β-D-Galp-(3 → 1)-α-D-Glcp, respectively. Linked with the O-6 and O-3 positions of (→3,6)-α-D-Galp-(1→) of the main chain are branches α-D-Glcp-(1→ and →1)-β-D-Glcp-(6 → 1)-α-D-Glcp, respectively. YZP-1a showed significant anticancer activity via inhibiting cell migration and inducing cell apoptosis.