Bamboo, an evergreen plant, holds high value. Bamboo shoots serve as popular food in certain countries. Recently, interest has surged in polysaccharides extracted from bamboo, owing to their diverse pharmacological effects and potential applications in medicine and the food industry. These intricate polysaccharides are present in various bamboo species and originate from different parts of bamboo, including leaves, bamboo shoots, bamboo shoot shells, bamboo shavings, and by-products of bamboo shoot processing. This paper reviews the pharmacological properties of bamboo polysaccharides, emphasizing their prebiotic, antioxidant, immunomodulatory, hypoglycemic, anti-inflammatory activities, and other positive effects. Additionally, the review investigates factors influencing the pharmacological actions of bamboo polysaccharides, such as bamboo species, extraction methods, and conditions. The potential applications are also discussed, enhancing comprehension of the therapeutic and healthcare capabilities of bamboo-derived polysaccharides.