The present invention provides a hypolipidemic composition comprising peony extract and Codonopsis extract, or comprising water coextract of peony and Codonopsis, the weight ratio of the peony extract to Codonopsis extract in the composition is between 0.5 and 19:1. The advantages of the hypolipidemic composition are: substantially decreasing triglyceride and cholesterol, while increasing high density lipoprotein. It suggested of a favourable prospect of application.