The hypolipidemic effect of the exe-biopolymer (EXBP) and endo-biopolymer (ENBP) produced from a submerged mycelial culture of Ganoderma lucidum was investigated in dietary-induced hyperlipidemic rats. Hypolipidemic effects were achieved in both the EXBP- and ENBP-treated groups, however, the former proved to be more potent than the latter. The administration of the EXBP (100 mg/kg body weight) substantially reduced the plasma total cholesterol, low-density lipoprotein (LDL) cholesterol, triglyceride, phospholipid levels, and atherogenic index by 31.0, 39.0, 35.4, 28.1, and 53.5%, respectively, when compared to the control group. The EXBP also lowered the liver total cholesterol, triglyceride, and phospholipid levels by 22.4, 23.1, and 12.9%, respectively. Furthermore, the high-density lipoprotein (HDL) cholesterol and ratio of HDL cholesterol to total cholesterol were significantly increased by as much as 24.2% and 47.6%, respectively.