Lycium chinenseMill., popularly known as boxthorn, is a plant that is traditionally used for treating night sweat, cough, inflammation and diabetes mellitus. However, the leaves have received little or no attention despite their potentials as a potent therapeutic agent. This study was aimed at investigating the hypoglycemic and hypolipidemic effects of the polyphenols-rich ethyl acetate fraction from the leaves of Lycium chinenseMill. on streptozotocin-nicotinamide induced diabetic rats. The ethyl acetate fraction (LFE) was selected and orally gavaged at 100, 200, and 400 mg/kg dose to streptozotocin (STZ)-nicotinamide induced diabetic rats. The rats' body weight, fasting blood glucose (FBG), lipid profile and oxidative stress markers were evaluated after the treatment period. Treatment with LFE resulted in a significant decrease in the FBG level, altered lipid profiles, and reduced the activities of the enzymes alkaline phosphatase (ALP), aspartate transaminase (AST), alanine transaminase (ALT) in the treated diabetic rats. Furthermore, LFE significantly elevated the antioxidant status (superoxide dismutase (SOD), catalase (CAT) and glutathione peroxidase (GSH-Px) activities) and reducing malondialdehyde (MDA) levels in the treated rats. The present study has revealed that L. chinenseMill. possess anti-hyperglycemic and anti-hyperlipidemic properties which is mediated through modulation of oxidative stress and polyphenolics might be responsible for the action.