The effect of a synergized two-step subcritical water extraction (SWE) and simultaneous multi-frequency ultrasound-assisted alcohol/salt aqueous two-phase extraction (MFu-AATPE) on the yield, physicochemical, structural characteristics, and antioxidant activities of Lentinus edodes polysaccharides (LEPs) was investigated. Crude LEP extracted under subcritical extraction (31.14%) was purified using dual and triple frequency ultrasound-assisted aqueous two-phase systems giving a yield of 94.57% and 97% respectively. Compared with the dual-frequency sonication (20/40 kHz), the triple frequency sonication (20/40/60 kHz) gave maximum yield and improved the desalination rate by 33.6%. Congo red analysis revealed triple helix structures. Gas Chromatography analysis showed the existence of mannose, glucose, arabinose, xylose, and galactose whilst spectral similarities were observed through Fourier Transform Infrared Spectroscopy. The average molecular weight (M-w) was 83.6170 Da, 2384 Da and 2387 Da for control, dual and triple frequency samples respectively. Ultrasound treated polysaccharides displayed stronger antioxidant activities against the 2.2-diphenyl;-1 picrylhydrazyl (DPPH), 2, 2'-azino-bis 3-ethylbenzothiazoline-6 sulfonic acid (ABTS) and hydroxyl radicals, thus demonstrating their potency in reducing oxidation. However, the microstructure of the triple frequency treated sample was altered compared to the dual-frequency sample. Therefore, this study demonstrated the efficacy of SWE in crude LEPs extraction and illustrated MFu-AATPE as an efficient technique that selectively isolates polysaccharides and enhances extraction efficiencies.