It has been confirmed the lipid-lowering effect of rice bran free phenolics, but it is unknown whether rice bran bound phenolics, the phenolic profile of which differs from the free ones, have a similar effect. Thus, the hypolipidemic effect and potential mechanism of hydrolyzed bound phenolics (HBP) from rice bran was investigated in this study. The results showed that HBP supplementation significantly improved serum lipid profiles of high-fat-diet fed mice. HBP inhibited the activation of nuclear receptors liver X receptor-α (LXRα), sterol regulatory element binding protein 1c (SREBP-1c), and peroxisome proliferators-activated receptors-γ (PPARγ), and, therefore, changed the expressions of their downstream genes, including LDLR, CD36, ACC1, FAS, and DGAT2 in the liver. Moreover, HBP supplementation reversed the high-fat-diet induced gut microbiota dysbiosis. These findings suggest that HBP might alleviate the hyperlipidemia via inhibiting the hepatic de novolipogenesis, regulating the uptake of cholesterol and fatty acid in the liver and their absorption in the gut. The attenuation of microbiota dysbiosis might contribute to the above effects.