Abalone has garnered significant attention from nutrition experts and health-conscious consumers owing to its exceptional nutritional value. Polysaccharides are considered to be one of their primary functional components, possessing various nutritional and biological properties, including immune modulation, anti-inflammatory effects, cardiovascular protection, antioxidant activity, anti-tumor effects, anti-diabetic properties, anticoagulation, and liver protection. Over the past few decades, a substantial amount of polysaccharides has been successfully extracted from abalone, demonstrating their potential in health and nutrition. However, significant gaps remain in the extraction processes of abalone polysaccharides, complex higher-order structures, and comprehensive evaluation of their structure-activity relationships. Therefore, this paper reviews the sources, extraction, purification, structural characteristics, biological activities, safety assessments, and structure-activity relationships of abalone polysaccharides. We hope that this research provides valuable insights for a deeper understanding of the structure of abalone polysaccharides and the development of new functional foods.