The present invention provides new methods of treating wet type of age related macular degeneration by administering adiponectin (APN) or a functional fragment derived therefrom. One of the pathological complications of age related macular degeneration (AMD) is choroidal angiogenesis or choroidal neovascularization (CNV). The inventors discovered that the level of APN expression is significantly lower in the choroids of the laser-induced mouse model of choroidal angiogenesis or choroidal neovascularization (CNV) than that of the control mice and that administration of recombinant adiponectin (rAPN) or a peptide derived from the globular domain of the intact APN protein to the mouse model of CNV reduced the size of CNV significantly. These studies are the first to demonstrate the inhibitory effect of adiponectin on choroidal angiogenesis and thus provide the basis for treating a condition or disease involving angiogenesis, particularly age related macular degeneration, with administration of adiponectin.