Extraction, Purification, Structural Characterization, Biological Activities and Applications in Food of Polysaccharides from Physalis alkekengi L. Var. Franchetii (Mast.) Makino

) is a well-known traditional Chinese medicine (TCM) with dual edible and medicinal values. Its polysaccharides (PAPs), as core bioactive constituents, have drawn growing research interest amid advances in natural product studies, whereas systematic summaries of existing evidence remain insufficient. This paper collects and analyzes recent progress regarding PAPs extraction, purification, structural characterization, biological activities and targeted applications in diverse food matrices. Current bottlenecks restricting PAPs development are also discussed from multiple research perspectives. Major research outcomes reveal that diverse extraction and purification techniques determine PAPs yield and structural heterogeneity, and characterized structural features are closely associated with their antioxidant, anti-inflammatory, immunomodulatory and other bioactivities. Inadequate mechanistic exploration, incomplete toxicological evaluation and immature industrial extraction systems are critical obstacles limiting further translational application of PAPs. Targeted future research directions are accordingly proposed to address these gaps. This work provides a comprehensive reference and theoretical support for deeper investigation, development and utilization of PAPs as functional food ingredients or herbal bioactive agents.