According to the National Institutes of Health, or NIH, compounds in alfalfa may help reduce low-density lipoprotein, or "bad" cholesterol levels, without impacting "good" cholesterol. The NIH also reports that alfalfa reduces cholesterol plaques in the arteries of the heart, a serious condition known as atherosclerosis. Although preliminary evidence is encouraging, the NIH notes that there is insufficient evidence to conclusively prove alfalfa extract's benefits for treating high cholesterol. Do not stop taking any cholesterol-controlling medication unless your doctor instructs you to do so.