In the present study, the physicochemical properties, fatty acid composition of Afzelia africana seed oil were determined and also effect of the oil-based diet on growth performance and plasma lipid profile were monitored using twenty Wistar albino rats allocated into two groups of ten rats each. The control group was fed with soybean-based diet while Afzelia africana oil-based diet was fed to the test group ad libitum for 28 days. Results showed the acid, saponification, iodine, and peroxide values of the oil to be 3.30 ± 0.27 mg/KOH/g oil, 124.54 ± 0.79 mg/KOH/g oil, 11.17 ± 0.39 g/100 g, and 10.01 ± 0.53 meq/g respectively. Also, linoleic (53%) and oleic acids (21.34%) were found to be the predominant unsaturated fatty acids present, while the predominant saturated fatty acid present is Palmitic acid (14.78%). The body weight of the experimental rats maintained on diet formulated with Afzelia africana seed oil was reduced compared to the rats fed with control diet. The plasma concentration of triglycerides and high density lipoprotein was not significantly different (p < 0.05) in the two groups while the total cholesterol and low density lipoprotein concentration significantly decreased in the test group fed Afzelia africana oil-based diet. The decline in plasma total cholesterol levels suggests good quality of the oil. The various parameters investigated reveal the potentials of Afzelia africana seed oil and could serve as a good diet supplement.