In this paper, a gel polysaccharide DIPs-3 was extracted and purified from the fruiting body of Dictyophora indusiata. Further, the rheological properties of DIPs-3 under different conditions were investigated. DIPs-3 solutions were pseudoplastic fluid and their viscosities decreased with the increasing of shear rates. The linear viscoelastic region of DIPs-3 solutions was determined for 20%～100%. Storage modulus G' and loss modulus G" exhibited strong dependence on concentration and temperature. The increasing of concentration and decreasing of temperature were conducive to the formation of gel. The inferred gel point (cgel) of DIPs-3 solution was between 9×10-3 to 1.0×10-2 mg/mL at 20 oC and the Tgel of DIPs-3 solution was between 5oC to 10oC at concentration of 7×10-3 g/mL. Through the study on exponent n of G' ~ ωn, it showed that increasing concentration and reducing temperature made DIPs-3 gels had bigger gel strength. These results suggested that DIPs-3 could be used as a kind of natural food additives and polysaccharide gel in food industry