Abstract: Flammulina velutipes polysaccharides have many health benefits for human being, making it a magnificent value for development. Flammulina velutipe offcuts are low-cost and can be extracted with polysaccharide and activated carbon. This experiment in primary studies extracting polysaccharide and a process of preparation of activated carbon from flammulina velutipe cutoffs by using hot water. Through single-factor and SAS optimization design, an optimal condition of having polysaccharide is obtained: an extraction temperature of 100 ℃, a pH of 5.9, a solid-liquid ratio of 1:15 and a leaching period of 3.47 h. The polysaccharide extraction yield acquired is 42.65 mg/g which has 3.8 times increase in comparison to the last optimization; With single factor optimization, the optimum condition of using microwave carbonization to prepare activated carbon is achieved: 50% phosphoric in activation for 8 hours, medium baking and carbonization for 5 min. the achieved activated carbon has a capacity of adsorbing methylene in 81.22 mg/g, with an adsorption rate of 95.33%. This study provides theoretical basis and technical supports for Flammulina velutipe cutoff resource development.Keywords: Flammulina velutipe cutoffs, Flammulina velutipe polysaccharide, activated carbon, extraction