Studies on the medicinal (hypoglycemic) potential of Magnifera indica (M. indica) have been documented. However, little may still be known about the dose level and the effects it may have on haematocrit, liver enzymes and body weight of a diabetic individual. The present study was designed to investigate the hypoglycemic effect of aqueous M. indica leaves extract on alloxan-induced diabetes in albino rats Rattus rattus. Preliminary (LD50) test using different aqueous doses of the leaves extract indicated that it was non-lethal even at the highest dose of 5000 mg/kg. Our studies was extended to include the effect of the extract on blood glucose level BGL, body weight, packed cell volume PCV, haemaglobin concentration Hb, red blood cell count RBC and liver enzymes at different days and dose levels. We found a dose dependent significant (P < 0.05) decrease in elevated glucose levels and decreased liver enzymes ALT, AST, and ALP levels. We also witnessed a significant dose dependent increased PCV, RBC and Hb levels which improved and became evident with continuous administration of the extract. Aqueous M. indica has a strong hypoglycemic and anti-diabetic effects at different doses, thus the extract may be very useful in the management of hyperglycemia and liver functioning enzymes; in addition, reducing glycosylated haemoglobin levels and improvement of the oxygen carrying capacity of the body.