A water-soluble crude polysaccharide (DFHP) obtained from the aqueous extracts of the stem of Dendrobium fimhriatum Hook.var.oculatum Hook through hot water extraction followed by ethanol precipitation, was found to have an average molecular weight (Mw) of about 209.3 kDa. Monosaccharide analysis revealed that DFHP was composed of mannose, glucose and galactose in a content ratio of 37.52%; 43.16%; 19.32%. The investigation of antioxidant activity in vitro showed that DFHP is a potential antioxidant.