Different agents used for treatment of diabetes mellitus are associated with serious adverse effects. This necessitates the scientific quest for substitutes that are comparatively less noxious- usually medicinal plants (e.g. Vernonia amygdalina Delile). Diabetes was induced in rats in groups A-D using alloxan. Group E served as control. Once daily for 28 days, diabetic rats in groups B and C were treated with 50 & 100 mg/kg BW of methanolic extracts of Vernonia amygdalina respectively while group D rats were administered with metformin hydrochloride (250 mg/Kg BW). Rats in group A served as untreated diabetic group. Fasted blood samples were collected for estimation of fasting blood glucose (FBG); total cholesterol (TC), triglyceride (TG), and high density lipoprotein-cholesterol (HDL-C) using standard biochemical methods. Statistical analysis was carried out using Student’s t test, P<0.05 was considered significant. After treatment, there were significant decreases in levels of FBG, TC, TG, LDL-C but increase level of HDL-C of B, C, & D when compared with group A. results of the study suggest that methanolic extract of V. amygdalina possesses antidiabetic properties and anti-hypolipidemic effects; this may explain why this plant is traditionally used for the management of diabetes mellitus and its complications.