This study investigated the anti-hyperlipidemic and anti-obesity effects of Sparassis latifolia (S. latifolia) fruiting body powder in rats fed with a high fat and cholesterol diet (HFD). Rats were fed a normal control diet (ND), an HFD, an HFD supplemented with 5% fruiting body powder of S. latifolia (HFD+SL), or an HFD supplemented with 0.03% simvastatin (HFD+SS), for 6 weeks. The HFD group demonstrated considerable increase in body weight gain, the food efficiency ratio (FER), and plasma cholesterol and triglyceride levels, compared to the ND group. In contrast, the HFD+SL and HFD+SS groups showed significantly reduced body weight gain, food intake, and plasma cholesterol and triglyceride levels compared to the HFD group. In particular, the HFD+SL and HFD+SS diets significantly suppressed the occurrence of non-alcoholic fat deposits in the liver. Taken together, these results suggest that dietary supplementation of the fruiting body powder of S. latifolia in an HFD could lower the risks of hyperlipidemia, atherogenesis, and obesity and may be used as a functional food to manage cardiovascular disease and fecal lipid and cholesterol levels.