Aim: The present study was carried out to evaluate the hypoglycemic and hypolipidemic activity of alcohol and aqueous leaf extracts of Breynia vitis-idaea (Burm. F.) Fischer in alloxan induced diabetic rats. Methods: Diabetes was induced into albino Wistar rats by intraperitonial administration of alloxan (120 mg/kg). Normal and diabetic rats divided into different groups of six each. Alcohol and aqueous leaf extracts (300 mg/kg and 600 mg/kg) and standard drug (Glibenclamide 500 μg/kg) was administered orally for 21 days. Blood samples were collected from overnight fasted normal and diabetic rats on 0th, 7th, 14th and 21st days of treatment. Hypoglycemic activity was evaluated by measuring serum glucose level and glycosylated haemoglobin level after dosing with aqueous and alcohol extracts. Hypolipidemic activity was evaluated by measuring various biochemical parameters like total cholesterol, triglycerides, low density lipoprotein, very low density lipoprotein, high density lipoprotein and phospholipids. Results: Both the extracts significantly (P<0.001, p<0.01) reduced fasting blood glucose of alloxan diabetic rats in a dose-related manner, when compared to control and standard. They also have a significant recovery in the levels of parameters measured in lipid profile, when compared to control and standard group. Conclusion: The present investigation established pharmacological evidence to support the folklore claim that it is used as hypoglycemic and hypolipidemic agent.