Lycium barbarum polysaccharides (LBPs), the primary bioactive components extracted from the traditional medicinal and edible plant Lycium barbarum L., have attracted extensive attention in biomedical research due to their superior anti-inflammatory, immunomodulatory and biological safety properties. Inflammation is a key pathological basis of various chronic metabolic and immune diseases, and LBPs can exert targeted regulatory effects on inflammatory responses through multiple molecular pathways. This article systematically reviews the latest advances in extraction technologies and structural characterization of LBPs, and illustrates their regulatory mechanisms against inflammation in different organs. Relevant toxicological studies are also summarized to confirm their low toxicity and safety. Additionally, it comprehensively concludes the current progress of LBPs in healthcare products, pharmaceutical development, and related patent innovations. Future perspectives highlight green efficient extraction, structural modification, targeted delivery, and in-depth mechanism exploration, aiming to provide a comprehensive theoretical basis for the further development and industrial application of LBPs.