This study was designed to investigate the chemical characterization and bioactivity of the Trametes lactinea (Berk.) Pat polysaccharides (TLP). The crude TLP was fractionated into two fractions, namely TLP-1 and TLP-2 with Cellulose DEAE-52 and Sephadex G-150. HPLC and FT-IR analysis showed that TLP-1 and TLP-2 were heteropolysaccharides mainly composed of glucose with the average molecular weights of 443.19kDa and 388.83kDa, respectively. TLP-1 from water elution possessed of higher reducing power and scavenging activities against 1,1-diphenyl-2-picrylhydrazyl (DPPH) radical, superoxide radical and hydroxyl radical than TLP-2 eluted by 0.1M of NaCl. In comparison with TLP-2, TLP-1 showed stronger growth inhibition against human hepatoblastoma HepG-2 cells and caused higher LDH leakage. However, TLP-1 showed lower growth inhibition against normal hepatocyte L-02 cells and lower LDH leakage than TLP-2. Flow cytometric analysis showed that TLP-1 had a stimulatory effect on apoptosis of HepG-2 cells. These findings suggested that the polysaccharides, especially TLP-1 could contribute to the potential anticancer effects of T. lactinea (Berk.) Pat, which might be valuable as a natural antioxidant source applied in both healthy medicine and food industry for health benefits.