Lipid, lipoproteins, and lipid-metabolizing enzymes are associated with breast cancer risk. In this study, the potential of hydroalcoholic extract (HEDF) of Dendrophthoe falcata (L.f) Ettingsh (Loranthaceae) for the management of lipid metabolism on 7,12-dimethylbenz(a)anthracene (DMBA)-induced mammary carcinoma was investigated in Wistar female rats. Thirty female rats (55 days of age) were divided into five groups: control, DMBA (25 mg in 0.5 ml of olive oil by air pouch technique), DMBA + HEDF (250, 475, and 950 mg/kg). After 90 days of induction, HEDF was administered for 28 days by gastric intubations. The levels of lipids, lipid-metabolizing enzymes, and lipoproteins were analyzed in the plasma and liver of both control and experimental animals. Rats treated with DMBA showed an increase (p < 0.05) in levels of phospholipids, triglycerides, free fatty acids, total cholesterol, and free cholesterol and a decrease (p < 0.01) in levels of ester cholesterol in the plasma and liver. The levels of very low-density lipoprotein and low-density lipoprotein increased (p < 0.01), while the levels of high-density lipoproteins decreased (p < 0.001) in plasma. Moreover, there was a significant increase (p < 0.001) in activities of total lipase, cholesterol ester hydrolase, cholesterol ester synthase but with a sharp decrease (p < 0.01) in lecithin cholesterol-acyl transferase and lipoprotein lipase in animals with mammary cancer. HEDF treatment caused the activity of these alterations in biochemical parameters to return to almost normal control levels. Also, histopathological analysis of the breast tissue was analyzed by hematoxylin and eosin staining, and results revealed the cytoprotective role of HEDF against mammary carcinogenesis. The effects of HEDF were found to be dose dependent in nature.