In order to evaluate the antioxidant and α-glucosidase activities of polysaccharides from Chrysanthemum morifolium cv. Hangju (CMPs), the response surface methodology was applied to optimize the parameters for extraction progress of CMPs by ultrasound, with heat reflex extraction (HRE) performed as the control. The difference in the physicochemical properties of polysaccharides obtained by the two methods were also investigated. The maximum yields (8.29 ± 0.18%) of polysaccharides extracted by ultrasonic assisted extraction (UAE) were obtained under the optimized conditions of ultrasonic power 501 W, extraction time 19 min, and ratio of liquid-to-raw material 41 mL/g. Polysaccharides extracted by UAE possessed lower protein contents (2.56%) and higher uronic acids contents (7.08%) and low molecular weight fractions than that by HRE. No significant differences were found in monosaccharide composition and Fourier transform infrared (FT-IR) spectra of polysaccharides extracted by UAE and HRE, while polysaccharides by UAE possessed stronger antioxidant and α-glucosidase inhibitory activities. Therefore, UAE was an efficient way to obtain CMPs.