Crude polysaccharides (CP) were extracted from dried fruits of Cordyceps militaris (L.ex Fr) Link. through sequential steps of hot water extraction, ethanol precipitation and zinc sulfate deproteination. It was fractionated by membrane separation, purified by DEAE-cellulose-52 exchange chromatography and further purification by Sephadex G-100 gel filtration chromatography. Their molecular weights were determined using high performance gel-permeation chromatography (HPGPC) in order to characterize molecular weight distribution. The results showed that CP2-c2-s2 was a homogeneous polysaccharide with average molecular weight of 20200 Da, which could be obtained through aforementioned isolation and purification.