The aim of this study was to evaluate the effect of Lycii fructus (LF) on serum lipid and the collagen content of the connective tissues in ovariectomized rats. From day 2 until day 37 after the ovariectomy, Sprague-Dawley female rats were randomly assigned to the following groups : sham-operated rat (Sham), ovariectomized control rat (OVX-control), and ovariectomized rats supplemented with the LF 50mg/kg bw/day (OVX-LF). The LF ethanol extract were orally administrated 1ml per day. Body weight gain was not significantly different in groups. Although total-cholesterol and triglyceride were increased in the ovariectomized control, supplementation with the LF extract decreased the levels. Moreover, the serum HDL-cholesterol levels were significantly increased after supplementation with the LF extract(p<0.05). Supplementation with the LF extract prevented a decrease in the collagen level in bone and cartilage tissues. These results are consistent with the conclusions based on the estrogenic activities of LF. Therefore, it may be used to possibly improve the quality of life in menopausal women.