A novel water-soluble polysaccharide (named CRVP-1) was successfully obtained from Caulerpa racemosa var peltata by hot-water extraction, ethanol precipitation, and column chromatography. The structure of CRVP-1 was characterized by HPGPC, HPAEC-PAD, FT-IR, GC-MS and NMR. The structural analysis indicated that CRVP-1 possessed a sulfate content of 25.8%±0.7% and was a heteropolysaccharide with an average molecular weight of 29.68kDa, and composed of mannose, galactose, glucose, galacturonic acid, and glucuronic acid with rates of 92.1%, 2.9%, 1.8%, 1.7% and 1.2%, respectively, owning a backbone structure of (1→6)-linked α-D-Manp residues with (1→4)-linked α-D-Manp and (1→2)-linked α-D-Manp residues and side chain that was consisted of (1→4)-linked β-D-Galp residues. The immunostimulatory assay revealed that CRVP-1 had significant effects on the proliferation of macrophage, production of NO and secretion of cytokines (TNF-α, IL-1β and IL-6). These findings provide a scientific basis for further utilization of polysaccharides from C. racemosa var peltata. Copyright © 2019. Published by Elsevier B.V.