A water-soluble polysaccharide named CPS1 had been isolated from C. sinensis mycelium by hot water extraction, ethanol precipitation, anion-exchange, and gel-permeation chromatography. UV spectra, FTIR spectra, partial acid hydrolysis, PMP precolumn derivation, periodate oxidation and Smith degradation studies were conducted to elucidate its structure. The results indicated that CPS1 was a glucomannogalactan with the monosaccharide composition of glucose: mannose: galactose = 2.8: 2.9: 1. The total carbohydrate content of CPS1 was 99.0%. The weight-average molecular weight was 8.1 x 10(3) Da. The results predicted (1-->2) and (1-->4)-linkage of mannose, (1-->3)-linkage of galactose, (1--> ) and (1-->3, 6)-linkage of glucose composed the backbone of CPS1. CPS1 was also evaluated for its antioxidant activity in vitro, including scavenging effects on the hydroxyl radicals, the reducing power, Fe(2+)-chelating activity, scavenging effect on superoxide radicals, as well as the inhibition of hydrogen peroxide induced haemolysis. CPS1 showed a high antioxidant effect, especially scavenging effect of hydroxyl radicals, the reducing power and Fe(2+)-chelating activity. The results provide scientific support for the antioxidant activity and indicated a connection between antioxidant activity and reparation of renal failure.