A highly decorated full-forward, Lloyd's AFL's honours include being the eighth all-time leading goalkicker in the history of AFL/VFL, including three Coleman Medals as leading goalkicker in the league; AFL life membership; and winning both the Mark of the Year and Goal of the Year awards.

The Lloyds moved to Scotland for three years because of John's work, and it was there that Matthew picked up rugby and soccer playing for his Currie club.

Lloyd attended St Martin De Porres Parish Primary School in Avondale Heights before moving to St. Bernard's College in Essendon.

The key features of Lloyd's game were his powerful marks on the lead (particularly overhead), his use of his body in a defensive capacity and accurate goal kicking, particularly from set shots on his left foot.

[11] Lloyd adjusted his ritual to fit into the new rule, and he still retained the most famous aspect (throwing grass) until the end of his career.

Lloyd's goal-scoring ability enabled him to top the Essendon goal scoring every year from 1997 to 2009, except for 2006 when he only played three games due to a serious hamstring injury.

[14] Lloyd's first match as Essendon captain resulted in a 27-point win over the defending premiers Sydney, where he kicked eight goals (six of them in the first quarter alone).

[15] In addition to serving as captain and earning life membership at Essendon,[16][17] Lloyd is also the team's all-time-highest goal scorer.

Lloyd last played for Victoria in 1999 against South Australia in the second-last-ever State of Origin game, kicking 3 goals and being named in the best players.

[30][31] Lloyd's absence from the team was felt hard, as the Bombers, despite high expectations, finished 15th on the ladder at season's end with a final win-loss record of 3–1–18.

In Round 22, 2009, Lloyd hit Hawthorn player Brad Sewell with a heavy bump that left him unconscious and with facial injuries, and it led to a brawl between the two teams.

[36] AFL CEO Andrew Demetriou defended Lloyd's reputation;[37] Clarkson was fined for his comments[38] and later apologised for the outburst.

[40] Lloyd only served one match of his suspension, missing Essendon's 96-point elimination final loss to Adelaide at AAMI Stadium, before announcing his retirement on 23 September 2009.

On 23 September 2009, Lloyd announced his retirement to a packed media conference at the Essendon Football Club Hall of Fame.

[46] Lloyd co-hosted children's AFL show Auskick'n Around on Fox Footy Channel with Brad Johnson from the Western Bulldogs from 2003 until it was cancelled at the end of 2005.

In 2006, Lloyd had a weekly spot as a panelist on Fox Footy's White Line Fever and, after being forced to spend extended time off the field because of injury, he became recognised for his informative views on all things football – his roles included being a special comments commentator on Triple M's football coverage as well as more regular appearances on The AFL Footy Show as a panelist.

Lloyd is also a recurring panelist on The Footy Show and on occasion appears on Nine News Melbourne to provide insights into the weekly round of matches.