In this paper, the novel polysaccharide PL-A11 was purified from an ammonium oxalate extract of Phellinus linteus mycelia. Its physicochemical properties, structural characteristics, and antioxidant activities were investigated. Results showed that PL-A11 had a weight-average molecular weight (Mw) of 13.8kDa and was mainly composed of arabinose, xylose, mannose, and glucose in a molar ratio of 1.1:1.3:1.0:6.6. The backbone of PL-A11 was composed of (1→4)-α-d-glucopyranosyl, (1→2)-α-d-xylopyranosyl, and (1→3)-α-d-arabinofuranosyl residues, whereas the (1→6)-α-d-mannopyranosyl residues formed branches at the O-2 position with 1-linked-α-d-glucopyranosyl terminal residues. From the antioxidative activity tests in vivo, the administration of PL-A11 obviously enhanced the activity of antioxidant enzymes and significantly reduced the level of malondiadehyde (MDA) in the serum and liver of d-galactose-treated aging mice in a dose-dependent manner, as well as effectively stimulated the immune system of aging mice. These findings implied that PL-A11 could be developed as a potential antioxidant for applications in the functional food, pharmaceutical, cosmetic or nutraceutical industries.