This study aimed to elucidate the obesity control, hypolipidemic, and antioxidant effects of Lycium chinense leaf powder intake by obese rats. Obesity was induced in rats through 13 weeks of high-fat diet. The obese rats were then divided into four different groups, which were fed for 8 weeks with general diet (G), high-fat diet (F), 5% L. chinense leaf powder with a high-fat diet (FLP5), or 10% L. chinense leaf powder with a high-fat diet (FLP10). The body weight gain of the FLP5 group was significantly lower than that of the F group. Also, the obesity index of the FLP5 and FLP10 group was significantly lower than that of the F group. Serum triglyceride and low-density lipoprotein (LDL)-cholesterol levels in the FLP5 group were significantly lower than those of the F group. The intake of L. chinense leaf powder did not seem to significantly affect the levels of serum homocysteine, leptin, and ghrelin compared to the control group without L. chinense leaf powder intake. The glutathione content in the liver was significantly higher in the FLP5 group than in the G group, but the glutathione S-transferase activity was significantly lower than in the F group. The thiobarbituric acid-reactive substances levels in the liver and kidney were relatively lower in the FLP5 and FLP10 groups than in the G group. In summary, intake of L. chinense leaf powder in obese rats coincided with a lowering of body weight and levels of serum triglyceride and LDL-cholesterol. It also displayed antioxidant effects.