Hypolipidemic effect of exo-polymers(EPs) form submerged mycelial culture of Cordyceps militaris was investigated in male Sprague-Dawley rats. For a dose-dependent study, EPs were administered at the level of 50-100 mg/kg body weight (BW) and the data was compared with the saline administered control group. A significant reduction of both the plasma total cholesterol (TC) and triglyceride (TG) was registered under the influence of EPs. It reduced the lowe density lipoprotein (LDL) cholesterol level as much as 40.5%. Levels of high density lipoprotein (HDL) choloesterol did not vary significantly within the different experimental groups, but the HDL: TC ratio showed consistently a high value with the increasing dose. The effects of cultural conditions (pH and temperature) in mycelial growth and EPs production were studied. Both the biomass and EPs were produced in a wide range of pH and temperature.