Low high density lipoprotein cholesterol (HDL-C) is a known risk factor of coronary artery disease. Apolipoprotein A1 (APOA1) is the most abundant component of HDL-C. This study aimed at identifying sequence variations (rare and common) in the APOA1 gene and its association with serum HDL-C levels. This study was conducted from April 2012 to February 2013 on 79 Tehranians (participants of Tehran Lipid and Glucose Study) with extremely low HDL-C (within the 5th percentile) and 63 individuals with extremely high HDL-C (within the 95th percentile) levels. After DNA amplification by PCR, DNA sequencing of all three exons and 700 bps of promoter region of the APOA1 gene was performed. Sequence results were analyzed and interpreted using the appropriate software and variants were identified. After sequencing 42 common and rare variants were identified, 11 of which were known variants and the others had been unreported so far. Of the exonic variants, 11 were missense, 6 were synonymous and 1 was nonsense. There was a significant association between serum HDL-C and variant of rs2070665 as well as variants Chr.11:116707788, Chr.11:116708059, Chr.11:116708036, Chr.11:116707729, rs201148448, Chr.11:116707018, Chr.11:116707801, Chr.11:116708530, Chr.11:116708088, rs121912724 and Chr.11:116706966 (p < 0.001). Variants Chr.11:116707018, rs121912724 and 2070665 were independent predictors of the HDL-C level (p < 0.001). SNP Chr.11:116707018 was the strongest predictor of the HDL-C level (OR 7.527, p < 0.001). This study identified 42 variants in APOA1 gene, 31 of which were new variants. Three variants of rs2070665, rs121912724 and Chr.11:116707018 could predict the HDL-C level independently. Variant rs2070665 was protective against low-HDL-C levels while variants rs121912724 and Chr.11:116707018 were risk factors for that in our population.