This study aimed to evaluate the hypolipidemic properties of a polysaccharide‐rich hydrolysate from Saccharomyces cerevisiae comprising β‐glucan‐chitin‐chitosan (BCC). Guinea pigs (n = 8 per group) were fed high‐fat and hypercholesterolemic diets (17 g/100 g of fat, 0.2 g/100 g of cholesterol), containing 12 g/100 g of either cellulose (CEL) as negative control, oat bran as a source of β‐glucan (BOB), or BCC. Food intake and body weight were monitored for 4 weeks and fatty acid (FA), neutral sterol (NS), and bile acid (BA) excretion were determined. BCC, but not BOB, reduced body weight gain and plasma total and LDL‐cholesterol, without altering food consumption. This effect correlated well with the capacity of BCC to reduce apparent FA absorption (78.36 ± 7.41 vs. 89.51 ± 3.93% in control group), mainly due to an increase of saturated fatty acid (SFA) excretion and, to a lower extent of monounsaturated fatty acids (MUFA). NS excretion was also increased by BCC, although no effects were observed on BA excretion. Therefore, results suggest that the hypolipidemic effect of BCC can be mainly ascribed to its capacity to increase FA and NS excretion.Practical applications: This research provides evidence on the hypolipidemic effect and mechanism of action of Lipigo®, a polysaccharide‐rich hydrolysate from Saccharomyces cerevisiae comprising β‐glucan‐chitin‐chitosan (BCC). Particularly, results show that BCC can effectively increase the excretion of saturated fatty acids (SFA) and neutral sterols (NS), having a beneficial effect on plasma lipids. This information can be of interest for the development of food supplements in the field of diseases associated with high fat intake such as cardiovascular diseases and obesity.Supplementation of hypercholesterolemic diets with a polysaccharide‐rich hydrolysate from Saccharomyces cerevisiae comprising β‐glucan‐chitin‐chitosan increases the excretion of saturated and monounsaturated fatty acids and neutral sterols compared to cellulose. This effect is consistent with a reduction in body weight gain and plasma total and LDL‐cholesterol.