This study investigated the effects of Punica granatum L. (PG) ethanol extracts on serum lipid levels in ovariectomized rats. In order to elucidate the effects of PG ethanol extracts on the change of lipid concentration in rats, Sprague-Dawley female rats were randomly assigned to groups as follows: sham-operated rats (sham), ovariectomized control rats (OVX-control), ovariectomized rats supplemented with ethanol extracts of PG seed at 50 mg/kg bw/day (OVX-PS50), ovariectomized rats supplemented with ethanol extracts of PG seed at 200 mg/kg bw/day (OVX-PS200), ovariectomized rats supplemented with ethanol extracts of PG peel at 50 mg/kg bw/day (OVX-PS50), ovariectomized rats supplemented with ethanol extracts of PG peel at 200 mg/kg bw/day (OVX-PP200). PG ethanol extracts were orally supplemented at the level of 1mL per day for 7 weeks. The body weight gain, food intake and food efficiency ratio were not significantly different between groups by t-test. The levels of total-cholesterol and triglyceride in serum were not changed by supplementation of PG ethanol extracts. The level of HDL-cholesterol on serum of the OVX-PS50 and OVX-PS200 groups were similar to the OVX-control group, but the OVX-PP50 and OVX-PP200 groups were higher than sham group. These results suggest that ethanol extracts of PG peel were more effected than those of PG seed.