This study was conducted to produce water-soluble polysaccharide extracts (WSP) from perilla seed meal (PSM), a by-product of perilla seed oil extraction, using enzymatic hydrolysis. The aim was to confirm the potential of this method to obtain functional materials from PSM. The cellulose and hemicellulose fractions from PSM were hydrolyzed using Celluclast 1.5 L and Viscozyme L, respectively. The yield of WSP from both fractions increased with an increase in hydrolysis time. Physical properties of WSP, including solubility, oil-holding capacity, and emulsification properties, were increased by enzymatic hydrolysis. WSP produced by hydrolysis had greater antioxidant activity than WSP obtained without hydrolysis; the highest activity was observed after a hydrolysis reaction of 24 h. WSP retarded glucose and bile acid absorption. The data indicate that WSP from PSM have potentially valuable functional and biological activities.