The hypolipidemic and antioxidant effects of the polysaccharides from S. dimorphus residues were studied. The results showed that the polysaccharides from S. dimorphus residues have an inhibition for gaining weight, liver index and spleen index. They also could obviously drop the content of serum lipids TG and MDA, and enhanced the activity of SOD in hyperlipidemia rats. However, there is not obvious impact of the polysaccharides from S. dimorphus residues on the serum TC, HDL-C and LDL-C in hyperlipidemia rats. Therefore, the polysaccharides from S. dimorphus residues have significantly hypolipidemic and antioxidant effects. The results are useful for the high value utilization of S. dimorphus residues.