This study aimed to evaluate hypoglycemic and hypolipidemic activities of Spirulina Platensis and its bioactive components (phycocyanin (PC), phycocyanopeptide (PCP) and phycocyanobilin (PCB)) on male diabetic Rats compared to controls and glibenclamide drug. For this reason, male Albino rats were equally divided into seven groups designated as normal control, diabetic control, diabetic + glibenclamide (Glyburide) drug (600 µg kg−1 body weight), diabetic + Spirulina biomass suspension (50 mg/ml/ kg⁻¹ body weight), diabetic + phycocyanin (50 mg kg⁻¹ body weight), diabetic + phycocyanopeptide (49 mg kg⁻¹ body weight) and diabetic + phycocyanobilin (982 µg kg⁻¹ body weight). The results show a statistically significant reduction (P < 0.05) level of fasting blood glucose, insulin resistance and lipids levels in diabetic animals administration with Spirulina Platensis, phycocyanin, phycocyanopeptide and phycocyanobilin compared with diabetic control.  Also, there were an increase in HDL–cholesterol levels and β-cell function in these treatments. Histopathologically, diabetic rats treated with spirulina, PC, PCP induced a slight improve of pancreatic cells and an obvious recovery of pancreatic cells.  The expression of insulin secretion from cells (β-cells) of diabetic rats was improved in the groups treated with Spirulina, phycocyanin, phycocyanopeptide. While, diabetic rats treated with phycocyanobilin recorded insulin levels lower than them.  From this study it can be concluded that Spirulina Platensis, phycocyanin, phycocyanopeptide and phycocyanobilin possessed hypoglycemic, insulin sensitivity and hypolipidemic effects. Hypoglycemic and hypolipidemic effects of Spirulina Platensis may be attributed to phenolic compounds and phycocyanin. The antidiabetic effect of PC is most likely due to its ability to reduction of insulin resistance, enhance β-cell function and recovery of β-cells. The effect of PC may be attributed to selenium-binding phycocyanopeptide or/ and phycocyanobilin responsible for the antioxidant activity and chromium-binding phycocyanopeptide which activates insulin receptors.