This study investigated the physiological activities of different molecular weight (MW) fractions of crude polysaccharide from $Dcheck{o}dcheck{o}k$ (Codonopsis lanceolata). The crude polysaccharide cut off for each fraction was: <1,000 MW (Fr I), 1,000 MW<fraction<3,000 MW (Fr II), 3,000 MW<fraction<10,000 MW (Fr III), 10,000 MW<fraction<100,000 MW (Fr IV), 100,000 MW<fraction (Fr V) with membrane. Fr I exhibited the highest yield of all the fractions. Fr I also had the highest total sugar contents, total protein contents, total phenolic compounds content, as well as the greatest growth inhibitory activity against SNU-1 and Hela cells, ACE inhibitory activity, and DPPH radical scavenging effect. Fr II exhibited lower physiological activity than Fr I, and showed higher activity than those of fraction of above 3,000 MW, but there was no significant ACE inhibitory activity. The Fr III exhibited the lowest yield, total sugar contents, total protein contents, and total phenolic contents; as well as the least growth inhibitory activity against SNU-1, Hela, ACE inhibitory activity, DPPH radical scavenging effect.