Probiotics have been reported to play an important role in the prevention of metabolic disorders. We recently identified a novel probiotic strain Lactobacillus plantarum (L. plantarum) P-8. The objective of this study was to determine the effects of L. plantarum P-8 on lipid metabolism of rats fed with high fat diet. All experimental rats were divided into three groups: control group, model group, and L. plantarum P-8 group. Changes in serum lipid levels, hepatic lipid deposition, serum oxidative stress-related parameters, activities of liver function marker enzymes, organ indices, gut microflora, and fecal lipids were assessed. Compared with model group, L. plantarum P-8 exhibited hypolipidemic effects by lowering serum total cholesterol (TC), triglyceride (TG), and low-density lipoprotein cholesterol levels, accompanied with elevation of high-density lipoprotein cholesterol level. L. plantarum P-8 also exerted beneficial effects against high-fat diet-induced oxidative stress, curtailed the accumulation of liver lipids and protected healthy liver function. Moreover, L. plantarum P-8 was able to regulate intestinal bacteria and enhance the fecal excretion of TC, TG, and bile acid. These findings indicate that L. plantarum P-8 may represent a potential therapeutic agent for controlling hyperlipidemia.