Cordyceps gunnii (berk.) Berk (C. Gunnii) is well known as a Chinese rare caterpillar fungus and has similar pharmacological activity with C. sinensis. In this work, a high-molecular-weight polysaccharide (CPS) was isolated and purified from the mycelia of C. gunnii. The total sugar content of CPS was amounted to . The result of HPLC indicated that CPS was a homogeneous polysaccharide. The estimated average molecular weight of CPS was ×106 Da. The specific rotation of CPS was recorded [˛]25 D = +◦. Its characteristic was determined by chemical analysis, gas chromatography, IR spectroscopy and NMR data. The results showed that CPS was mainly composed of glucose,.