Catharanthus roseus is a well known medicinal plant and is used for curing various human ailments. The dry leaf powder of C. roseus [1.5mg/kg b.w and 3.0 mg/kg b.w] was investigated for its antidiabetic, antihyperlipidemic and antioxidative efficacy in male albino Wistar rats. Rats were rendered hyperlipidemic by feeding high fat high cholesterol diet and diabetic by single intraperitoneal injection of freshly prepared streptozotocin [45mg /kg b.w.]. Glibenclamide was used as a standard reference drug. The experimental diets were supplemented for a period of 45 days. High fat-high cholesterol feeding and STZ induced diabetes resulted in significant increase in blood glucose, lipid profile and oxidative stress levels of blood and hepatic tissues of rats. Treatment with C. roseus significantly restored the physiological parameters to near normal. The effect of C. roseus [3mg/kg b.w] was better than glibenclamide. Results suggest that C. roseus possess a significant antidiabetic, antihyperlipidemic and antioxidative effect by attenuating biochemical and physiological alterations in HFHC diet fed animals and STZ induced diabetic rats. C. roseus can be used as a prophylactic agent for prevention and progression of lipid abnormalities associated with diabetes in STZ-diabetic rats by virtue of various essential antioxidant, antidiabetic compounds and phytonutrients.