This study was aimed at investigating the hypoglycemic effect of Chlorella pyrenoidosa functional formulations (CFF), composed of extracts of C. pyrenoudosa, Ganoderma lucidum, and Panax ginseng with chromium-enriched yeast, on streptozotocin (STZ)-induced high-glucose and high-fat diet-fed mice. In this study, CFF significantly reduced the symptoms of weight loss, liver deformation, cecum injury, and jejunal inflammation in type 2 diabetic mice. In addition to enriching gut probiotics, CFF inhibited harmful microorganisms that could affect glycolipid metabolism disorders (GLD) and enhanced production of short-chain fatty acids. In conclusion, CFF may be able to alleviate GLD symptoms. The study suggests that CFF regulates GLD and the possible mechanisms for this regulation. This provides a theoretical basis for developing nutritious and healthy foods.