Studies on phytochemical analyses and aqueous leaves extract of Desmodium velutinum was carried using albino Wistar rats. Twenty eight (28) albino wistar rats used for this study were randomly distributed into four groups (I to IV) of seven (7) rats each. Test animals in groups II, III, and IV were initially fed with a high fat diet (10mg/kg) for 12 days. Group II animals remained untreated. The groups III and IV animals were later treated with 5 mg/kg of atorvastatin and 5 mg/kg of D. velutinum, respectively for 4 days. However, the group I rats were fed with normal feed for 12 days and served as the control. The serum total cholesterol (TC), high-density lipoprotein cholesterol (HDL-C), low-density lipoprotein cholesterol (LDL-C), and triglyceride (TG) levels were determined from blood samples of the various groups of rats. The result showed that there was a significant (p < 0.05) reduction in the serum TC, HDL-C, LDL-C, and TG concentrations of test animals following the administration of the atorvastatin and the extract. Alkaloids, tannins, flavonoids and reducing sugars were found to be highly present in the crude extract. Other phytochemicals present in the extract were saponins, carbohydrate, steroids, cyanide and terpenoid. These findings indicate that the use of the extract lowered the serum lipid profile of albino wistar rats and may be of clinical importance to individuals at risk of cardiovascular disease.