In order to find the effect of improving hyperlipidemia by Acanthopanax senticosus water extract, a hypercholesterol diet and Acanthopanax senticosus water extract were supplemented to week- old male Spargue Dawley rats for four weeks in different amount. Results showed that serum total cholesterol significantly decreased in the group supplemented with Acanthopanax senticosus water extract by 50mg/kg(ASW-50) and 75mg/kg(ASW-75) compared with the control group.(p<0.05). Serum triglyceride also showed a significant decrease in the group supplemented with 50mg/kg(ASW-50) and 75mg/kg(ASW-75) compared with the control group. Liver total cholesterol showed a significant decrease in the group supplemented with Acanthopanax senticosus water extract by 50mg/kg(ASW-50) and 75mg/kg(ASW-75) compared with the control group(p<0.05), but liver triglyceride did not show a significant decrease in all of the experiment groups. Total cholesterol and triglyceride in feces significantly increased in all of the groups supplemented with Acanthopanax senticosus water extract(p<0.05). Acanthopanax senticosus water extract decreased the level of serum total cholesterol and triglyceride, reduced total cholesterol in the liver, and increased the excretion of total cholesterol and triglyceride in the feces.