The present study was carried out to investigate the antihyperglycemic, antihyperlipidemic and antioxidant effect of chloroform and methanol extract of whole plant of Ichnocarpus frutescens (CEIF and MEIF) in streptozotocin (STZ)-induced diabetic rats. Administration of CEIF and MEIF orally at the dose of 200 mg/kg and 400 mg/kg body weight resulted in significant (P<0.01) reduction in blood glucose levels. The body weights were significantly (P<0.001) reduced in STZ-induced diabetic rats when compared to normal rats while the extracts significantly (P<0.01) prevented the decrease in body weight in the CEIF and MEIF treated rats. The study was further undertaken to evaluate the antioxidant and antihyperlipidemic potential of CEIF and MEIF in STZ-induced diabetic rats. The increased levels of lipid peroxidation in the liver tissues of diabetic rats were significantly reverted back to normal levels and a significant increase in activity of antioxidant enzymes such as superoxide dismutase, catalase and the level of reduced glutathione in the liver of diabetic rats after the treatment with CEIF and MEIF was noticed. These results clearly indicate that CEIF and MEIF exhibit significant antihyperglycemic, antihyperlipidemic and in vivo antioxidant activity in STZ-induced diabetic rats and the results were found to be in a dose dependent manner.