This study was designed to test the antidiabetic and antioxidative activities of olive leaf oleuropein and hydroxytyrosol. Diabetes in Wistar rats was induced by intraperitoneal injections of alloxan. The serum glucose and cholesterol, hepatic glycogen, the thiobarbituric acid-reactive substances (TBARS), and the components of hepatic and serum antioxidant system were examined. Diabetic rats showed hyperglycemia, hypercholesterolemia, increased lipid peroxidation, and depletion in the antioxidant enzymes activities. The administration, for 4 weeks, of oleuropein and hydroxytyrosol rich extracts, leading to 8 and 16 mg/kg body weight of each compound, significantly decreased the serum glucose and cholesterols levels and restored the antioxidant perturbations. These results suggested that the antidiabetic effect of oleuropein and hydroxytyrosol might be due to their antioxidant activities restraining the oxidative stress which is widely associated with diabetes pathologies and complications.