In this study, three drying methods, namely, hot-air drying, freeze drying (FD), and infrared radiation drying (ID), were applied to dry bitter gourd (Momordica charantia L.) slices. Results showed that the drying methods had significant influences on appearance, color, rehydration ratio, and microstructure of dried bitter gourd. FD provided high-quality dried bitter gourd products due to the uniform honeycomb network and less collapsed structure. Three water-soluble bitter gourd polysaccharides (BPS-H, BPS-F, and BPS-I) were obtained from the bitter gourd dried using the three drying methods. The three polysaccharides exhibited similar preliminary structural characteristics with different monosaccharide compositions and molecular weights. BPS-I obtained from ID-dried bitter gourd had higher sugar and uronic acid contents than BPS-H and BPS-F. BPS-I exhibited stronger antioxidant activities and bile acid-binding capacity in vitro than BPS-H and BPS-F. Moreover, BPS-F and BPS-I showed significant α-amylase inhibitory activities in vitro.