Polysaccharides exist as one of the most abundant components in lotus leaves, which attract increasing attention owing to their promising health-promoting benefits. In this study, the digestive and microbial degradation characteristics of lotus leaf polysaccharides (LLP) were studied by using an in vitro gastrointestinal model. The results suggested that LLP was stable in the human upper gastrointestinal tract in vitro according to its digestive stabilities at different simulated digestion stages. Conversely, the indigestible LLP (LLPI) could be remarkably utilized by intestinal microbiota in human feces during in vitro fermentation, and its fermentability was 58.11% after the in vitro fermentation of 48 h. Indeed, the microbial degradation characteristics of LLPI during in vitro fermentation by human fecal inoculum were revealed. The results showed that the content of reducing sugars released from LLPI obviously increased from 0.498 to 2.176 mg/mL at the initial fermentation stage (0–6 h), and its molecular weight sharply decreased from 4.08 × 10 to 2.02 × 10 Da. Notably, the molar ratios of arabinose (Ara), galactose (Gal), and galacturonic acid (GalA) in LLPI decreased from 2.89 to 1.40, from 5.46 to 3.72, and from 21.24 to 18.71, respectively, suggesting that the utilization of arabinose and galactose in LLPI by intestinal microbiota was much faster than that of galacturonic acid at the initial fermentation stage. Additionally, LLPI could remarkably regulate gut microbial composition by increasing the abundances of several beneficial microbes, including Bacteroides, Bifidobacterium, Megamonas, and Collinsella, resulting in the promoted generation of several short-chain fatty acids, especially acetic, propionic, and butyric acids. The findings from the present study are beneficial to better understanding the digestive and microbial degradation characteristics of LLP, which indicate that LLP can be used as a potential prebiotic for the improvement of intestinal health.