To evaluate the concentrations of serum lipids and lipoproteins and their correlations together and with thyroid hormones in Iranian water buffalo (Bulbalus bulbalis), the serum concentrations of cholesterol, triglyceride, total lipids, very low density lipoproteins (VLDL-cholesterol), low density lipoproteins (LDL-cholesterol) and high density lipoproteins (HDL-cholesterol) and their correlations with triiodothyronine and thyroxine hormones were measured in 100 clinically healthy water buffaloes. The mean serum concentrations of cholesterol, triglyceride, HDL-cholesterol, LDL-cholesterol and VLDL-cholesterol were 4.15±0.028, 0.215±0.005, 2.06±0.015, 2.08±0.025 and 0.43±0.001 mmol L-1, respectively. Also, the mean serum concentration of the total lipid was 2.9±0.016 g L-1. No significant differences were detected for the measured lipids and lipoproteins between the different age groups of buffaloes. Serum thyroxine had a significant correlation with cholesterol (r = 0.239, p = 0.023). Also, serum triiodothyronine had a significant correlation with HDL-cholesterol (r = 0.52, p = 0.039) in buffaloes up to 2 years of age, serum cholesterol had significant correlation with LDL-cholesterol (r = 0.205, p = 0.05) and a marginally significant correlation with HDL-cholesterol (r = 0.187, p = 0.07) and serum HDL-cholesterol and LDL-cholesterol had significant correlation (r = -0.312, p = 0.03). There is no previous research regarding the correlation of the thyroid hormones with the serum lipids and lipoproteins in water buffalo.