Diabetic dyslipidemia, the main causative factor for the progression of vascular complications in diabetes, is caused due to hyperglycemia and excess mobilisation of fatty acids. Recently we have reported on a novel macrocyclic binuclear oxovanadium (MBOV) complex synthesized by us with significant hypoglycemic efficacy and without any apparent toxicity on streptozotocin induced diabetic rats. In the present study, streptozotocin induced diabetic rats were treated with the vanadium complex (5 mg/kg body weight/day) for a period of 30 days and at the end of the treatment period the status of the lipid profile in the plasma, liver and kidney was evaluated. Also the fatty acid composition of liver and kidney were analysed by gas chromatography. The increased levels of lipid contents in plasma and tissues observed in diabetic rats were reverted back to near normal levels by the administration of the vanadium complex. Also the decreased levels of HDL cholesterol and increased levels of LDL cholesterol in plasma of diabetic rats were restored to near normal levels by the treatment with the vanadium complex. The altered fatty acid composition in liver and kidney were restored by the treatment. The results enhance the claim for the macrocyclic binuclear oxovanadium complex as a potent anti-diabetogenic drug.