Nelumbo nucifera Gaertn. (lotus) is a widely distributed plant with a long history of cultivation and consumption. Almost all parts of the lotus can be used as foodstuff and nourishment, or as an herb. It is noteworthy that the polysaccharides obtained from lotus exhibit surprisingly and satisfying biological activities, which explains the various benefits of lotus to human health, including anti-diabetes, anti-osteoporosis, antioxidant, anti-inflammatory, anti-tumor, etc. Here, we systematically review the recent major studies on extraction and purification methods of polysaccharides from different parts (rhizome, seed, leaf, plumule, receptacle and stamen) of lotus, as well as the characterization of their chemical structure, biological activity and structure-activity relationship, and the applications of lotus polysaccharides in different fields. This article will give an updated and deeper understanding of lotus polysaccharides and provide theoretical basis for their further research and application in human health and manufacture development.