Introduction: Diabetes mellitus (DM) is a widely prevalent disease that has apparently become a global epidemic. Long-standing diabetes is characterized by development of several complications, including cardiovascular disease (CVD), nephropathy, neuropathy, and retinopathy. These complications share a common etiology of poor glycemic control and endothelial dysfunctions. Any metabolite which is atherosclerotic in nature may contribute to the development of such chronic complications. Dyslipidemia and hyperhomocysteinemia have been recognized as independent markers of atherosclerosis. However, their influence on each other and on insulin metabolism is highly debated. Evaluation of the association of these risk markers may be helpful in decreasing the occurrence of complications and increasing the age of diabetic patients. Aim: The present study was planned to study the association of homocysteine with the components of lipid profile and glycated hemoglobin in type II diabetic patients. Serum homocysteine and lipid profile levels of diabetic patients were also compared with those of healthy nondiabetic subjects. Results: Serum homocysteine and lipid profile were observed to have a strong association. Diabetic patients with hyperhomocysteinemia were reported to have higher S. cholesterol and low-density lipoprotein (LDL) levels. S. homocysteine was also found to be elevated in patients with HbA1c levels >8.0%, which indicates a poor glycemic control. On comparing with healthy subjects, S. homocysteine, cholesterol, triglycerides, LDL, and very low-density lipoprotein (VLDL) were also significantly higher in diabetic patients. Conclusion: Regular screening for serum lipid profile and hyperhomocysteinemia is strongly recommended in patients suffering from type II DM. Proper patient management in terms of controlling lipid levels, hyperhomocysteinemia, and maintenance of a good glycemic control can assist in averting the development of various complications and enhancing the quality of life.