Sanghuangporus vaninii is a traditional edible and medicinal fungi with a long history in China. Recent studies have focused on its potential in treating diabetes, although the underlying mechanism remains unclear. This study aimed to investigate the antidiabetic and hypolipidemic effects of the formula of S. vaninii compounds (SVC) in diabetic mice and explore the potential improvement in the intestinal microbiota. Oral administration of SVC significantly reduced fasting blood glucose and improved insulin sensitivity and lipid indexes. In addition to its direct effects on glucose levels and insulin sensitivity, SVC was found to have an impact on the intestinal microbiota. The levels of short‐chain fatty acids receiving SVC intervention increased, and 16S rRNA sequencing revealed changes in the abundances of certain bacteria, such as Harryflintia, Helicobacter, Candidatus_Soleaferrea, Klebsiella, and Candidatus_Stoquefichus. These bacteria were found to be negatively associated with glucose and lipid indexes and positively related to body weight and insulin sensitivity. Overall, this study highlights the potential of SVC in treating diabetes and provides a novel perspective for understanding its antidiabetic mechanism through modulation of the intestinal microbiota.