In the process of investigating the hypolipidemic effects of Spirulina platensis, we found that the aqueous extract of S. platensis may inhibit the intestinal absorption of dietary fat by inhibiting pancreatic lipase activity. The aqueous extract of S. platensis (500 m/kg) reduced the elevation of rat plasma triacylglycerol levels after oral administration of the lipid emulsion 2 h after administration. To clarify the hypolipidemic effects of S. platensis, the active component was isolated and designated 1′-O-(palmitonyl)-2′-O-(caprylonyl) glyceryl-β-α-D-galactopyranoside (glycolipid H-b2). Glycolipid H-b2 was found to inhibit pancreatic lipase activity in a dose-dependent manner. The fractions containing glycolipid H-b2 (250 mg/kg) reduced the elevation of rat plasma triacylglycerol levels after oral administration of the lipid emulsion 2 h after administration. Furthermore, we examined the effects of phycocyanin isolated from S. platensis on pancreatic lipase activity. Phycocyanin inhibited the pancreatic lipase activity in a dose-dependent manner. These results suggest that the inhibitory effects of S. platensis on postprandial triacylglycerolemia may be due in part to the inhibition of pancreatic lipase activity by glycolipid H-b2 and phycocyanin.