Structural diversity and bioactivity of polysaccharides from medicinal mushroom Phellinus spp.: A review

•This review comprehensively presented naturally occurring polysaccharides from rare medicinal mushroom Phellinus spp. (PPs).•Preparation methods, physicochemical properties, and structural features of PPs were summarized.•Biological activities, underlying molecular mechanisms, and potential application of PPs were outlined.•Future perspectives and challenges of PPs were proposed.