Background: Apolipoprotein A (Apo A) and apolipoprotein B (Apo B) are the key structural components of high density lipoprotein (HDL) particles and atherogenic lipoproteins respectively. The present study was designed to estimate and investigate the role of Apo A and Apo B levels along with standard lipid profile in patients with type 2 diabetes mellitus (T2DM). Methods: The study was carried out on 200 subjects viz. 100 healthy controls and 100 T2DM cases. Whole blood sample was utilized for glycosylated hemoglobin (HbA1c) and serum obtained was analyzed for quantitative estimation of total cholesterol, triglycerides, low density lipoprotein (LDL), HDL, Apo A and Apo B by automated chemistry analyzer. Results: A significant increase (p < 0.005) was observed in the mean HbA1c, cholesterol, triglycerides, LDL and Apo B levels in patients with T2DM as compared to healthy controls. On the contrary, a significant decrease (p < 0.005) was witnessed in the mean HDL and Apo A values of T2DM patients as compared to healthy controls. A positive correlation was seen between HbA1c and total cholesterol (r = 0.427); HbA1c and triglyceride levels (r = 0.281); HbA1c and LDL (r = 0.399); HbA1c and Apo B (r = 0.403). However, a negative correlation was observed between HbA1c and HDL (r = -0.337); HbA1c and Apo A (r = -0.426). Conclusion: There is a high prevalence of dyslipidemia with poorly controlled HbA1c in T2DM patients. Apo A and Apo B assays should be incorporated in the standard lipid profile, for better risk prediction in diabetics and to curtail the risk of future cardiovascular mortality.