Objective To evaluate blood lipid profiles in patients with coronavirus disease 2019 (COVID-19), and to explore the association with disease severity. Methods This case–control study included patients with COVID-19, referred to two medical centers in Kermanshah, Iran (between July 2020 and December 2020), and healthy controls. Lipid profiles were evaluated in patients who were grouped according to severe (intensive care unit [ICU]), or less severe (outpatient), forms of COVID-19, and in healthy controls, and were compared among the three groups. Results A total of 132 participants were included, comprising ICU ( n = 49), outpatient ( n = 48) and control ( n = 35) groups. Mean cholesterol levels were lower in the patient groups than in controls; high-density lipoprotein cholesterol (HDL-C) levels were higher in the ICU group versus outpatients, and low-density lipoprotein cholesterol (LDL-C) levels were lower in the ICU group versus outpatients. The frequency of diabetes and hypertension was higher in the ICU group than in the outpatient group. Furthermore, LDL-C level was associated with disease severity (odds ratio 0.966, 95% confidence interval 0.944, 0.989). Conclusion Lipid profiles differ between severe and less severe forms of COVID-19. LDL-C level may be a useful indicator of COVID-19 severity.