The in vitro lipid-lowering and hypoglycemic activities of the ethanol extract and derived extraction phases from Desmodium styracifolium were compared. The ethanol extract was obtained by reflux extraction with 75% ethanol as the solvent, which was sequentially fractionated using petroleum ether, ethyl acetate, n-butanol, and water. The total flavonoids and total phenolic contents of the ethanol extract and each derived extraction phase were determined by the colorimetric method. The in vitro lipid-lowering activities of the ethanol extract and each derived extraction phase were determined based on the inhibition rates of pancreatic lipase and cholesterol esterase. The in vitro hypoglycemic activities were determined based on the inhibition rates of α-glucosidase and α-amylase. The results showed that the ethyl acetate phase had the highest total flavonoids and total phenolic contents (154.57 mg/g and 34.27 mg/g, respectively). The ethanol extract had the highest inhibitory activity against cholesterol esterase and α-glucosidase (inhibition rates: 53.24% and 68.52%, respectively). The n-butanol phase showed the highest pancreatic lipase inhibitory activity (inhibition rate: 77.39%). The petroleum ether phase had the strongest inhibitory effect on α-amylase (inhibition rate: 78.60%). The research revealed that the ethanol extract and derived extraction phases from Desmodium styracifolium possessed significant lipid-lowering and hypoglycemic activities, which provides a reference for in-depth research on its pharmacological activities.