Dietary fibers play an important role in the daily diet. Consuming fiber-rich foods have been associated with good health and prevention of various diseases. In the present study, bamboo shoots soluble dietary fiber (SDF) was extracted using enzymatic hydrolysis and acid-alkali soaking chemical method. The methods were compared and analyzed for water solubility, thermodynamic properties, and emulsifying property, and antioxidant activity with an aim to study the in vivo hypolipidemic effect of SDF extracted by the chemical method. The study indicated that the SDF sample extracted by enzymatic hydrolysis displayed good solubility (86.78 g/100 g), thermodynamic properties (ΔH = 180.4 J/g), rheological properties, better emulsifying (88.57%), and antioxidant properties [DPPH free radical scavenging ability (80.50%), hydroxyl radical scavenging ability (83.39%), and ABTS radical scavenging ability (57.94%)]. For in vivo experiments, SDF sample extracted by enzymatic hydrolysis could lower the body weight gain (7.10%) in hyperlipidemic mice, and decrease the total cholesterol, triglyceride, and low-density lipoprotein-cholesterol levels by 28.33%, 19.54%, and 39.02%, respectively, while, it could increase high-density lipoprotein-cholesterol by 39.50%. Due to its lipid lowering effect in mice, it can be further exploited as a potential source of additive for the development of bamboo-based functional foods.