Auricularia auricula polysaccharides (AAP) have been widely studied in the field of medicine and healthcare because of their unique structure and physiological activity. Many species of Auricularia auricula polysaccharides have been extracted, isolated, and purified by different methods, and their structures have been analyzed. Auricularia auricula polysaccharides have been proven to have beneficial effects on the human body, including slowing the aging process, controlling the intestinal system, and treating cardiovascular disorders. In this paper, the extraction, isolation, and purification of AAP from Auricularia auricula, as well as research in the field of medicine and healthcare, have pointed to the shortcomings and limitations of these methods. We also suggest future research directions for Auricularia auricula polysaccharides; standardized processing methods must be confirmed, and officially approved AAPs are needed for commercial applications. Finally, an optimistic outlook on the development of AAPs is given.