The blood level of lipids, apolipoproteins, and lipid ratios are important predictors of some chronic diseases. However, their association with cardiometabolic multimorbidity (CMM) is less known. We evaluated a wide range of lipid profiles and lipid ratios, including low‐density lipoprotein‐cholesterol (LDL‐C), very‐low‐density lipoprotein‐cholesterol (VLDL‐C), high‐density lipoprotein‐cholesterol (HDL‐C), and apoA1 and B, as well triglyceride and total cholesterol with risk of incident CMM. In 1728 men aged 52.5 ± 5.2 years from the Kuopio Ischaemic Heart Disease were included in this study. We defined CMM as coexisting of two or more of stroke, type 2 diabetes mellitus (T2D), coronary heart disease (CHD). A Cox proportional hazard regression method was applied to evaluate the risk of CMM against the exposures. During the mean follow‐up of 22.4 years, 335 men suffered from CMM conditions. Higher serum triglyceride and VLDL concentrations were associated with a higher risk of coexisting T2D‐CHD (HRs 1.99 (95% CI, 1.12–3.53) and HRs 1.79 (95% CI, 1.04–3.11), respectively. Whereas higher HDL was associated with lower incident [HRs 0.49 (95% CI, 0.40–1.00)]. The HRs for coexisting T2D‐CHD was 2.02 (95% CI, 1.01–3.07) for total cholesterol/HDL‐C, 1.85 (95% CI, 1.04–3.29) for triglyceride/HDL‐C, 1.69 (95% CI, 1.01–2.31) for Non‐HDL‐C/HDL‐C, and 1.89 (95% CI, 1.03–2.46) for apoB/apoA1. In contrast, serum LDL‐C/apoB ratios were inversely associated with the risk of coexisting T2D‐CHD [HRs 0.50 (95% CI, 0.28–0.90)]. No associations were observed between our exposures and other CMM conditions. In conclusion, elevated triglyceride, VLDL‐C, total cholesterol/HDL‐C, TG/HDL‐C, apoB/apoA1 as well as lower LDL‐C/apoB were independently associated with the higher risk of T2D‐CHD coexistence.