The ethanolic extracts of leaves and roots of $Premna$ $esculenta$ (Roxb.) were evaluated for antihyperlipidemic activity in poloxamer 407 induced hyperlipidemic rats and mice. The administration of the ethanolic extract of leaves induced a significant ($p$ <0.05) reduction in serum total cholesterol (TC), triglycerides (TG), low density lipoprotein (LDL) and very low density lipoprotein (VLDL) levels as well as the atherogenic index compared to the P-407 induced hyperlipidemic control mice after 24 h of treatment at a single dose of 500 mg/kg p.o. Both the leaf and root extracts significantly ($p$ <0.05) reduced the serum TC, TG, VLDL and LDL levels as well as the atherogenic index compared to P-407 induced hyperlipidemic control rats after 4 days of pretreatment at a dose of 250 mg/kg/day p.o. The lipid lowering effects were compared with standard drug atorvastatin (50 mg/kg p.o.). Furthermore, both extracts showed potential to moderate scavenging activity of superoxide, nitric oxide and DPPH free radicals. In DPPH radical scavenging assay the $IC_{50}$ values of the leaf and root extracts were found to be 425.79 and 20.26 ${mu}g$/ml, respectively while ascorbic acid has the $IC_{50}$ value 16.34 ${mu}g$/ml. The $IC_{50}$ values of the leaf and root extracts against superoxide radicals were found to be 109.57 and 366.2 ${mu}g$/ml, respectively which were comparable to that of ascorbic acid (99.66 ${mu}g$/ml). The findings of the investigation demonstrated both antihyperlipidemic and antioxidant activities of the leaf and root extracts of $P.$ $esculenta$ which could help in prevention of hyperlipidemia associated disorders.