Introduction: Diabetes Mellitus (DM) and Obesity are the biggest public health challenges of 21st century. Both these disorders are associated with several co-morbidities like hypertension, hyperlipidemia, Cardiovascular Diseases (CVD) etc., that may be linked to the underlying insulin resistance, hyperglycaemia, dyslipidemia, hyperinsulinemia and altered levels of adipocyte- derived hormones. Furthermore, clinical studies in humans have suggested the possible correlation of plasma concentration of several adipocytokines and measures of adiposity, insulin resistance and endothelial function in humans. Aim: To estimate and compare the serum levels of leptin and adiponectin in patients with Type 2 Diabetes Mellitus (T2DM) and in non-diabetic subjects with and without obesity. Materials and Methods: In the study, 200 T2DM patients (with and without obesity) and 200 non-diabetic subjects (with and without obesity) aged between 30-70 years of either sex were included. In all the subjects included in the study, serum leptin and adiponectin levels were estimated using Enzyme Linked Immunosorbent Assay (ELISA) method. Results: It was observed that the serum adiponectin levels decreased while leptin levels increased significantly (p<0.001) in obese than non-obese diabetics. Similarly, obese non-diabetics showed higher serum leptin and lower adiponectin levels than their non-obese counterparts (p<0.001). Conclusion: Serum levels of leptin and adiponectin are altered in subjects with T2DM and obesity which may indicate the potential role of adipocytokines as an important link between increased fat mass, insulin resistance, deranged glucose metabolism and endothelial dysfunction especially in diabetic patients.