Euonymus alatus (Thunb.) Sieb is known to have anti-cancer and anti-inflammatory effects. This study aimed to reveal the effect of the water extract and 70% ethanol (70% EtOH) extract of Euonymus alaltus in INS-1 cells (pancreatic beta cell line) and C57BL/Ksj-db/db mice (type 2 diabetes models). The water extract significantly increased the proliferation of INS-1 cells. However, the extracts of Euonymus alatus water and 70% EtOH had no effect on increasing the insulin secretion in INS-1 cells. In the animal model of type 2 diabetes, the extracts of Euonymus alatus water and 70% EtOH decreased the water intake and effectively increased the pancreatic insulin concentration. Furthermore, exposure to the 70% EtOH extract resulted in decreasing the plasma triglycerides. These data indicate that the extracts of Euonymus alatus water and 70% EtOH exert a partial anti-diabetic effect.