This study investigated the chemical components and rheological properties of polysaccharides from Dioscorea opposita Thunb. Graded alcohol precipitation was used to extract Dioscorea opposita polysaccharide samples (S1, S2, S3 and S4). The monosaccharides, amino acid content and molecular weight of each sample were measured and compared. The rheological properties of the polysaccharide samples at different concentrations, temperatures and pH values were studied. The rheological properties of S1, S2 and S3 exhibited pseudoplastic properties and “gel-like” behaviour. The viscosity of S1 was improved with rising temperatures, especially temperatures higher than 80 °C, which may be caused by the starch gelatinisation. The acidic and basic environments may break the structures of S3 and S4. However, the extreme conditions improved the viscosity of S1. This work was a basic investigation of the Dioscorea opposita polysaccharides, contributing to the function of yam products and applications of natural thickeners in the food industry.