Extraction of polysaccharide from Inonotus obliquus by way of applying high intensity pulsed electric fields (PEF) was studied. Through single factor experiments and orthogonal experiment, the effect of PEF on polysaccharide extraction rate (ER) was discussed, and the comparison of alkali extraction method (TAEM), microwave-assist extraction method (MAEM) and ultrasonic-assist extraction method (UAEM) has been done. A set of optimal parameters (PEF strength=30kV/cm, pulse number=6, pH=10, liquid/solid ratio=25mL/g) were tested and analyzed, at which the ER could be up to 49.8%, 1.67 times of that by using TAEM, 1.12 times of MAEM, and the purity of polysaccharide was 1.40 times of UAEM. The experiments proved that PEF technique is an effective way to extract polysaccharide from the Inonotus obliquus, with higher extraction rate, shorter time (12μs), and less impurities.