Lysophospholipids have been recognized as potent biologically active lipid mediators. However, attention has not been paid to the health benefits of dietary partial hydrolysate of phospholipids (PH‐PL), which is rich in docosahexaenoic acid (DHA)‐bound lysophospholipids. In this study, the effects of PH‐PL on serum and liver lipid profiles of rats upon administration of PH‐PL are demonstrated in comparison to those of fish oil (FO), which comprises eicosapentaenoic acid (EPA) and DHA‐bound triglyceride (TG). PH‐PL containing EPA and DHA was prepared via enzymatic modification of squid (Todarodes pacificus) meal that is rich in phospholipids. Male Wistar rats were fed a basal diet containing soybean oil alone (7%), FO, and PH‐PL. The FO and PH‐PL diets had similar EPA and DHA contents. After the rats had been fed their respective diets for 28 d, their serum and liver lipid contents, fecal lipid excretion, and hepatic gene expression level were measured. The results demonstrated that compared with the soybean oil diet alone, the PH‐PL diet decreased serum and liver TG contents partially because of the enhancement of liver acyl‐CoA oxidase activity and suppression of liver fatty acid synthase activity. In addition, compared with the soybean oil diet, the PH‐PL group exhibited lower serum cholesterol content at least in part because of the reduction of hepatic 3‐hydroxy‐3‐methylglutaryl‐CoA reductase mRNA expression level. We found that dietary administration of EPA and DHA containing PH‐PL has a hypolipidemic effect that may help prevent the development lifestyle‐related diseases.