The hypolipidemic effect of an ethanolic extract from the roots and rhizomes of Panicum repens L. was investigated in rats suffering from high-cholesterol, diet-induced hyperlipidemia, and the phytochemicals in the extract were analyzed. The extract was administered p.o. in doses of 250 mg/kg/day together with cholesterol at a dose of 100 mg/kg/day for 7 weeks. The high-cholesterol diet caused a significant increase in total lipids, total cholesterol (TC), total triglycerides (TG), low-density lipoprotein cholesterol (LDL-C), and the atherogenic index, whereas the level of high-density lipoprotein cholesterol (HDL-C) was significantly decreased. Administration of the P. repens extract (p<0.05) significantly reduced the rise of the serum levels of total lipids, TC, TG, and LDL-C, as well as the atherogenic index, whereas it significantly increased (p<0.05) the level of HDL-C. HPLC analysis of the phenolics and flavonoids in the extract revealed the presence of gallic acid, chlorogenic acid, chicoric acid, primulic acid, rutin, apigenin-7-glucoside, and quercetin. In conclusion, the P. repens extract was found to possess hypolipidemic activity in high-fat, diet-induced hyperlipidemic rats.