Acanthopanax senticosus, a celebrated herbal remedy, has been cherished in China for its health-promoting properties for over two millennia. The plant's key bioactive constituent, A. senticosus polysaccharide (ASPS), has recently attracted significant interest due to its exceptional biological activities. Therefore, it is essential to thoroughly examine the foundational research and development prospects of ASPS to establish a theoretical basis for its future investigation and practical application. In light of this, a comprehensive review of ASPS has been assembled, drawing from the latest literature sourced from Web of Science, Google Scholar, PubMed, and Elsevier databases. The research indicates that the primary extraction techniques for ASPS include hot water extraction (HWE), ultrasonic-assisted extraction (UAE), deep eutectic solvent-assisted extraction (DESE), and enzyme-assisted extraction (EAE). Each method has its own characteristics: HWE is simple and easy; DESE and EAE are mild, preserving the polysaccharide structure; while UAE enhances efficiency quickly. Composed predominantly of mannose, glucose, galactose, galacturonic acid, and rhamnose, ASPS exhibits a broad molecular weight spectrum, extending from 2.98 kDa to 150 kDa. The polysaccharide has demonstrated a spectrum of pharmacological effects, such as anti-oxidant, immuno-modulatory, anti-tumor, intestinal protective, and anti-diabetic actions. Furthermore, this review delves into patents featuring ASPS as the principal ingredient, assessing the current landscape and identifying challenges in the development and utilization of ASPS. It aims to provide invaluable insights into ASPS, facilitating the advancement of commercial products and fostering promising industrial applications across both basic research and the food and pharmaceutical sectors.