Alkali-extractable polysaccharides from the seeds of mung beans and two polysaccharide sub-fractions (MAP-1 and MAP-2) were isolated and purified by anion-exchange and gel filtration chromatography. The average molecular weights (Mws) of MAP-1 and MAP-2 were 94.2 kDa and 60.4 kDa, respectively. Monosaccharide component analysis indicated that MAP-1 was composed of Rha, Ara, Glu, Gal, and GalA in a molar ratio of 1.1:0.4:0.7:0.5:0.3. MAP-2 consisted of Xyl, Rha, Gal, Glu and GalA with a relative molar ratio of 0.4:1.4:1.6:0.5:0.2. Antioxidant assays indicated that both MAP-1 and MAP-2 exhibit significant antioxidant activity in a dose-dependent manner. An in vitro study further showed that MAP-1 and MAP-2 were both able to stimulate the production of secretory molecules (NO, TNF-α and IL-6) by RAW 264.7 murine macrophages in a concentration-dependent manner. These findings suggest that the polysaccharides isolated in our study have immunoregulatory effects on macrophages and can be used as a beneficial health food.