A novel water-soluble acidic heteropolysaccharide, called PPL-1, was purified from Pueraria lobata. PPL-1 had an average molecular weight of 35 Kad, and it was composed of glucose, arabinose, galactose and galacturonic acid (6.3:0.8:0.8:2.1). In accordance with methylation and nuclear magnetic resonance analyses, PPL-1 primarily consisted of (1→2)-linked α-Araf, (1→4)-linked α-Glcp, (1→)-linked β-Glcp, (1→6)-linked α-Glcp, (1→3,6)-linked α-Galp, (1→)-linked β-GalpA and (1→4)-linked α-GalpA. In terms of bioactivities, PPL-1 exhibited remarkable scavenging ability towards DPPH (1,1-Diphenyl-2-picrylhydrazyl) radicals and moderate activity by enhancing the proliferation rate of RAW 264.7 cells by approximately 30% along with the secretion of NO. This work demonstrates that PPL-1 can be a potential source of immunoenhancers and antioxidants.