The invention discloses an effective part of stevia and the activity and the application thereof. The effective part mainly comprises stevioside category and flavone category which are obtained by extracting and separating from dried stevia leaves, wherein the sum of the percentage content of the stevioside components in the stevioside part is 5 to 100 percent (w/w), and the stevioside components mainly contains the stevioside, stevibioside, rebaudioside A, B, C, D, E, and F, dulcoside A and the derivative thereof, etc.; the sum of the percentage content of the flavone components in the flavone part is 5 to 100 percent (w/w), and the flavone components mainly contains luteolin, quercetin, luteolin-7-O-Beta-D-glucoside, apigenin-7-O-Beta-D-glucoside, quercitrin, quercetin-3-O-Beta-D-arabinoside, quercetin-3-O-(4-O-anti form-caffeoyl acyl-Alpha-L-rhamnose-(1 to 6)-Beta-D-galactoside) and the derivative thereof, etc., and 4, 5-dicaffeoylquinic acid and the derivative thereof, etc. The effective part has significant sugar-reducing and fat-reducing effects, can be used singly or combined with any other Chinese medicines and Western medicines or foods in any proportion, is used for preparing medicines or functional foods, and is used for treating hyperglycemia and hyperlipoidemia.