Ganoderma lingzhi has long been used as medicine and the active components polysaccharides have extensive pharmacological activities. Liquid fermentation shows unique advantages in extracting G. lingzhi polysaccharides. In recent years, there has been an explosion of research on the liquid fermentation of G. lingzhi to yield polysaccharides, and this technology has attracted the interest of scholars. We summarized the research on the biosynthesis and biosynthesis regulation of G. lingzhi polysaccharides, the optimization of the medium for and process of liquid fermentation, among others, hoping to provide a reference and basis for liquid fermentation of G. lingzhi to yield intracellular and extracellular polysaccharides and its industrial application.