Obesity is a major health issue in dogs associated with disturbances in lipid metabolism and oxidative stress. Spirulina has been shown to have hypolipidemic and antioxidant effects in various animal species. No such data regarding dogs are available, however. The present study aimed to investigate the effect of a therapeutic high-protein, high-fiber weight loss diet, with or without Spirulina supplementation, on biochemical parameters of overweight dogs, with particular reference to serum lipids and plasma antioxidant capacity. Thirty-two dogs completed a double-blind randomized placebo-controlled trial in which they received either Spirulina (S) or placebo (P) tablets in a body weight-dependent amount for 12 weeks; at the same time, both groups were fed the same calorie-restricted diet. Dogs were weighed weekly and calorie restriction was adjusted accordingly to ensure a 1% body weight loss per week. Blood samples were collected at baseline (T0), after 6 weeks (T1), and after 12 weeks (T2). No difference in body weight loss (S: -11.9 ± 0.8%, P: -10.6 ± 0.8%, p = 0.229) was detected between groups at T2. After 6 weeks and an average weight loss of around 6% (S: -6.7 ± 0.6%, P: -5.9 ± 0.6, p = 0.276), significant reductions of serum total cholesterol, glucose, alkaline phosphatase, paraxonase-1 (all p < 0.0001) and gamma-glutamyltransferase (p < 0.018) were observed in both groups, regardless of supplementation. Plasma antioxidant capacity increased significantly in both groups at T2 (p = 0.0003). Serum triglycerides decreased significantly from T0 to T1 in the Spirulina group (p < 0.0001) but not in the placebo group (p = 0.28); as for the difference between groups, a non-significant trend (p = 0.098) was detected. A significantly higher percentage of dogs (p = 0.028) in the Spirulina group achieved a serum triglycerides reduction > 15% compared to baseline at T1 and > 30% at T2. A treatment effect (p = 0.0416) was found for bilirubin, which decreased only in the Spirulina group. In conclusion, a weight loss of around 6% achieved with a high-protein, high-fiber hypocaloric diet is sufficient to induce significant positive metabolic effects and improve lipid, glucose, and liver enzyme values. Plasma antioxidant capacity was tested in dogs undergoing a weight loss program for the first time, demonstrating that overweight individuals are in a deficient status and that a weight loss of around 10% is able to restore values comparable to those of healthy individuals. The results of this study suggest that Spirulina may manifest a hypotriglyceridemic effect in dogs, even if further research is needed to infer causation. The role Spirulina that supplementation plays in bilirubin metabolism and its related beneficial effect is also worth exploring.