Background: Subclinical hypothyroidism (SCH) and its associations with cardiovascular disease (CVD) remain controversial. Previous studies revealed that lipocalin -2 (LCN2) associated with increased cardiovascular mortality risk. Objective: Evaluation of the serum level of LCN2 and its association with some cardiovascular risk factors in SCH rat model. Material and methods: Twenty four adult male albino rats weighing 150-170 g were used and divided into two equal groups: control euthyroid group and SCH-induced group where SCH was induced by administration of methimazole (MMI) (10 mg/kg body weight) by gavage once daily for 3 months. Groups were compared for body mass index (BMI), serum thyroid-stimulating hormone (TSH), triiodothyronine (T3) thyroxin (T4), glucose, insulin, lipid profiles, C reactive protein (CRP), LCN2 ,Homeostasis model assessment of insulin resistance (HOMA-IR), atherogenic index ,systolic (SBP) and diastolic blood pressure (DBP). Results: SCH induced group showed significantly higher mean serum levels of TSH, LCN2, insulin, total cholesterol, low density lipoprotein - cholesterol (LDL- C), triglycerides (TG), CRP than that of control. Also, BMI, calculated HOMA, atherogenic index, SBP and DBP were significantly higher than that of control and all these parameters were positively correlated to LCN2. However, high density lipoproteins- cholesterol (HDL- c) levels were significantly lower than that of control group and negatively correlated with serum LCN2 levels. Conclusion: Serum lipocalin-2 may be associated and can predict cardiovascular risk factors in SCH.