The polysaccharides were extracted from the leaves of Mallotus oblongifolius (MO) using an ultrasonic-assisted extraction method in this study. The main variables affecting the yield of polysaccharides extracted from Mallotus appallatus (MOPS) were identified and optimized while concurrently investigating its antioxidant capacity, hypoglycemic activity, and digestive properties. The results indicated that the optimal ultrasound-assisted extraction of MOPS involved an ultrasound power of 200 W, a liquid-to-solid ratio of 25:1 (mL:g), an extraction temperature of 75 °C, and an ultrasound time of 45 min, leading to an extraction yield of (7.36 ± 0.45)% (m/m). The MOPS extract exhibited significant scavenging activity against DPPH and ABTS radicals with IC₅₀ values of (25.65 ± 0.53) μg/mL and (100.38 ± 0.38) μg/mL, respectively. Furthermore, it effectively inhibited the enzymatic activities of α-glucosidase and α-amylase with IC₅₀ values of (2.27 ± 0.07) mg/mL and (0.57 ± 0.04) mg/mL, respectively. The content of MOPS remained relatively stable in the stomach and small intestine; however, their ability to scavenge DPPH radicals and ABTS radicals and exhibit reducing power was attenuated, and the inhibition of α-amylase and α-glucosidase activity was diminished. In conclusion, the ultrasonic extraction of MOPS showed feasibility and revealed antioxidant and hypoglycemic effects. However, the activities were significantly reduced after gastric and small intestinal digestion despite no significant change in the MOPS content.