This study was performed to investigate the effects of Paecilonnces japonica (P. japonica) on lipid metabolism, lipid peroxidation and antioxidative capacity in rats. Twenty one male Spragye-Dawley rats weighting 150g were grouped into three according to body weight. Rats were raised for seven weeks with High fat diet (CON) or 4% of dried mycelium (HM) and swimming exercise (HMS). Weight gain of all groups were significantly different from those of control group. HM were increased and HMS were decreased. Lipid metabolism in genreal was significantly improved in HMS group but HM group were not different from control group. However HM group showed tendency of lower cholesterol level silightly and higher plasma HDL-cholesterol level than control group. Malndialdehyde (MDA) concentrations in liver and gastrocnemius were sigmificantly reduced of all form control group. Superoxide dismutase (SOD) activities were not different of HM group from control. But HMS group were significantly increased. In conclusion. swimming exercise tranining improved lipid metabolism and P. japonica might have potnetial role of improving lipid peroxidation and antioxidant enzyme activities in rats.