We investigated the effects of the fruiting bodies of cultivated Paecilomyces tenuipes grown on egg yolk (PTE) on lipid and antioxidant metabolisms. Forty 8-week-old male Sprague-Dawley rats were fed a high fat/high cholesterol diet (control) or a high fat/high cholesterol diet with 1%, 3%, or 5% PTE for 5 weeks. PTE was found to significantly lower plasma total lipid, total cholesterol, low-density lipoprotein cholesterol, and the atherogenic index, compared with the control. Hepatic total lipid and total cholesterol were also significantly lower than in the control group. The hypolipidemic activity of PTE was increased with increasing concentrations, and plasma lipid peroxidation was significantly lower in the 3% and 5% PTE groups than in the control or 1% PTE group. Plasma total radical trapping antioxidant potential, erythrocytic antioxidant enzyme, and leukocytic DNA damage were not significantly different among the groups. Our results indicate that P. tenuipes cultivated on egg yolk can improve lipid profiles and lipid peroxidation in rats fed a high fat/high cholesterol diet.