Diabetes mellitus is associated with elevated plasma glucose levels, hyperlipidaemia and hepatic dysfunction. Traditional plant treatment has shown a surging interest in the last few decades. The purpose of this study was to determine the effect of ripe and unripe Carica Papaya Methanol Extract (CPME) on blood glucose levels, lipid profile, liver function biomarker enzymes and plasma total protein in Streptozotocin-Induced (STZ) diabetic albino rats. Thirty male albino rats were randomly divided into six groups. Diabetes was induced in groups 4 to 6 Treated groups (2, 3, 5 and 6) were given 500mg/kg body weight ripe or unripe CPME, as appropriate, for 21 days. Blood glucose was measured on days 0, 7, 14 and 21 after which animals were sacrificed and blood samples collected for estimation of biochemical parameters. Ripe and unripe CPME significantly reduced plasma glucose, total cholesterol, triglyceride, low density, very low-density lipoprotein and liver function biomarker enzyme levels and significantly increased high density lipoprotein levels of the treated animals while the total protein levels, were within the normal range. Ripe and unripe C. papaya methanol extracts showed hypoglycaemic, hypolipidemic and hepatoprotective activities in STZ-induced diabetic albino rats with the unripe fruit being more effective.