O. japonicus and L. spicata var. prolifera are distinguished as sources of highly promising yin-tonifying medicinals, namely Ophiopogonis Radix and Liriopes Radix. Liriopes Radix is generally medicinally used as a substitute for Ophiopogonis Radix in various prescriptions due to their extremely similar nature. Ophiopogonis Radix and Liriopes Radix are both very rich in bioactive polysaccharides, especially β‑fructans. Over the past twelve years, except for work on physical entrapment and chemical modification of obtained β‑fructans, the vast majority of studies are carried out to investigate the bioactivities of O. japonicus polysaccharides (OJP) and L. spicata var. prolifera polysaccharides (LSP), mainly including anti-diabetes, immunomodulation, anti-inflammation, antioxidation, anti-obesity, cardiovascular protection, etc. In addition, OJP and LSP are considered to have the potential to regulate intestinal flora. The main purpose of this review is to provide systematically reorganized information on structural characteristics and bioactivities of OJP and LSP to support their further therapeutic potentials and sanitarian functions.